{"identifier":"/us/usc/t12/s5911","title":12,"num":"\u00a7\u202f5911.","heading":"Application of existing insolvency law","text":"\u00a7\u202f5911.\nApplication of existing insolvency law\nIn accordance with otherwise applicable law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as follows:\n(1) A depository institution (as defined in\nsection 1813 of this title\n(2) A subsidiary of a depository institution (as defined in\nsection 1813 of this title","url":"https://projectusc.org/usc/t12/s5911.html","content":[{"t":"sec","id":"/us/usc/t12/s5911","children":[{"t":"num","text":"\u00a7\u202f5911."},{"t":"heading","text":"Application of existing insolvency law","tail":"\n"},{"t":"chapeau","text":"In accordance with otherwise applicable law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as follows:"},{"t":"para","id":"/us/usc/t12/s5911/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" A depository institution (as defined in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":") shall be resolved by the Federal Deposit Insurance Corporation, National Credit Union Administration, or State payment stablecoin regulator, as applicable."}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5911/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" A subsidiary of a depository institution (as defined in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":") or a nonbank entity may be considered a debtor under title 11."}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}