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Can you summarize MSCO 97-19-47?
False Pretenses and Cheats > Receiving deposits when bank is insolvent.
Short Summary
This legal provision, found in the Mississippi Code 1972 under the Crimes section, pertains to the officers, employees, and owners of banks or branch banks who receive deposits while knowing or having reason to believe that the bank or branch bank is insolvent. Such individuals are deemed guilty of a felony and can be punished with a fine not exceeding $1,000 or imprisonment in the state penitentiary for a period of not more than 2 years, nor less than 1 year, or both. The provision aims to deter the acceptance of deposits in situations where the bank’s insolvency is known or suspected. No specific exemptions are mentioned in the provided content.
Whom does it apply to?
Officers or employees of any bank or branch bank, owners of any bank or branch bank
What does it govern?
Receiving deposits when bank is insolvent
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine not exceeding $1,000 or imprisonment in the state penitentiary for not more than 2 years, nor less than 1 year, or both
Jurisdiction
Mississippi