30.44.110 - Preferences prohibited -- Penalty. - Washington Statutes

Preferences prohibited — Penalty.

(1) Every transfer of its property or assets by any bank or trust company, made (a) in contemplation of insolvency or after it shall have become insolvent, (b) within ninety days before the date the director takes possession of such bank or trust company under RCW 30.44.010, 30.44.020, 30.44.100 or 30.44.160, or the federal deposit insurance corporation is appointed as receiver or liquidator of such bank under RCW 30.44.270, and (c) with a view to the preference of one creditor over another or to prevent the equal distribution of its property and assets among its creditors, shall be void.

     (2) Every director, officer, or employee of a bank or trust company making any such transfer of assets is guilty of a class B felony punishable according to chapter 9A.20 RCW.

[2010 c 88 § 34; 2003 c 53 § 190; 1955 c 33 § 30.44.110. Prior: 1917 c 80 § 55; RRS § 3262.]

Notes: Effective date -- 2010 c 88: See RCW 32.50.900.

Intent -- Effective date -- 2003 c 53: See notes following RCW 2.48.180.