§ 313.121 Definitions.
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Title 12 CFR: Banks and Banking › Chapter III: FEDERAL DEPOSIT INSURANCE CORPORATION › Part 313: PROCEDURES FOR COLLECTION OF CORPORATE DEBT, CRIMINAL RESTITUTION DEBT, AND CIVIL MONEY PENALTY DEBT › Subpart E: Tax Refund Offset › § 313.121: § 313.121 Definitions.
Text
For purposes of this subpart E:
(a)
Debt
or
claim
means an amount of money, funds or property which has been determined by the FDIC to be due to the United States from any person, organization, or entity, except another federal agency.
(b)
Debtor
means a person who owes a debt or a claim. The term “person” includes any individual, organization or entity, except another federal agency.
(c)
Tax refund offset
means withholding or reducing a tax refund payment by an amount necessary to satisfy a debt owed by the payee(s) of a tax refund payment.
(d)
Tax refund payment
means any overpayment of federal taxes to be refunded to the person making the overpayment after the Internal Revenue Service (IRS) makes the appropriate credits.
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