Section 345B of the bankruptcy code provides for an undertaking to guarantee the deposits in bank accounts outside of FDIC insurance. It’s essentially a depository bond related to bankruptcy, and the guarantee is that the monies will be accounted for and...
Depository bonds are a type of surety bond. These bonds guarantee that deposits over the FDIC limits are safe. The bond is a source of payment to certain depositors if the bank collapses. Given what’s happening in the banking system, many sureties are canceling,...
