---
kind: "section"
citation: "12 C.F.R. § 192.475"
title: "12"
number: "192.475"
heading: "Definition of liquidation."
url: "https://uscodex.org/cfr/12/192.475"
---

# §192.475. Definition of liquidation.

- (a) **In general.** A liquidation is a sale of a savings association's assets and settlement of its liabilities with the intent to cease operations and close. Upon liquidation, a savings association must return its charter to the governmental agency that issued it. The government agency must cancel the savings association's charter.
- (b) **Other transactions.** A merger, consolidation, or similar combination or transaction with another depository institution, is not a liquidation. If a savings association is involved in such a transaction, the surviving institution must assume the liquidation account.

## Notes

### Authority

Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 2901 et seq., 5412(b)(2)(B); 15 U.S.C. 78c, 78 l , 78m, 78n, 78w.

### Source

Source: 85 FR 42643, July 14, 2020, unless otherwise noted.