Asked by Steven Camarena on May 17, 2024
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In what state is XYZ Bank, a federally chartered bank, considered a citizen?
A) The bank is considered a citizen of any state in which it is located, meaning any state in which the bank has branches.
B) The bank is considered a citizen of the state in which it is located, meaning the state in which its main office, as specified in its articles of incorporation, is located.
C) The bank is considered a citizen only of Washington, D.C.
D) The bank is considered a citizen only of the state in which it does its largest volume of business.
E) The bank is considered a citizen of Washington, D.C. and also of the state in which it does its largest volume of business.
Federally Chartered Bank
A bank that operates under a charter granted by the federal government, often subject to different regulations than state-chartered banks.
Articles of Incorporation
A document that establishes the existence of a corporation and includes fundamental details like the corporation's name, purpose, and structure.
Volume of Business
The total amount of business conducted within a specific period, often measured in terms of sales numbers or transactions.
- Identify the criteria for diversity-of-citizenship jurisdiction and its implications for filing lawsuits.
Verified Answer
Learning Objectives
- Identify the criteria for diversity-of-citizenship jurisdiction and its implications for filing lawsuits.
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