30.42.080 - Separate assets -- Books and records -- Priority as to assets. - Washington Statutes

Separate assets — Books and records — Priority as to assets.

Every alien bank maintaining an office in this state shall keep the assets of its Washington office entirely separate and apart from the assets of its other operations as though the Washington office was conducted as a separate and distinct entity. Every such alien bank shall keep separate books of account and records for its Washington office and shall observe with respect to such office the applicable requirements of this chapter and the applicable rules and regulations of the director. The United States domiciled creditors of such alien bank's Washington office shall be entitled to priority with respect to the assets of its Washington office before such assets may be used or applied for the benefit of its other creditors or transferred to its general business.

[1994 c 92 § 84; 1973 1st ex.s. c 53 § 8.]