frozen deposit
Defined in 2 places of the United States Code.
For purposes of this subparagraph, the term “frozen deposit” means any deposit which may not be withdrawn because of—
(i) the bankruptcy or insolvency of any financial institution, or
(ii) any requirement imposed by the State in which such institution is located by reason of the bankruptcy or insolvency (or threat thereof) of 1 or more financial institutions in such State.
Source
- 2013–present26 U.S.C. § 402Internal Revenue Code · Taxability of beneficiary of employees trust · for purposes of this title
For purposes of this subparagraph, the term "frozen deposit" means any deposit which may not be withdrawn because of—
(i) the bankruptcy or insolvency of any financial institution, or
(ii) any requirement imposed by the State in which such institution is located by reason of the bankruptcy or insolvency (or threat thereof) of 1 or more financial institutions in such State.
A deposit shall not be treated as a frozen deposit unless on at least 1 day during the 60-day period described in paragraph (3) (without regard to this paragraph) such deposit is described in the preceding sentence.
Source
- 1994–202426 U.S.C. § 402Internal Revenue Code · Taxability of beneficiary of employees trust · for purposes of this title
For purposes of this subsection, the term “frozen deposit” means any deposit if, as of the close of the calendar year, any portion of such deposit may not be withdrawn because of—
(A) the bankruptcy or insolvency of the qualified financial institution (or threat thereof), or
(B) any requirement imposed by the State in which such institution is located by reason of the bankruptcy or insolvency (or threat thereof) of 1 or more financial institutions in the State.
Source
- 1994–present26 U.S.C. § 451Internal Revenue Code · General rule for taxable year of inclusion · in this section