§ 676 Liquidation Fund Deposit Rules

• •The person in charge must put all the money from closing down a business into a state bank or credit union.
• •If the bank or credit union has problems or goes broke, this money gets paid back first before other people's money.

A small local bank goes out of business.

If the bank had money from a business that was closing down, that money would be given back to the business before other customers get their money back.