§ 23-49-105. Notice of possession
(a) Immediately upon taking possession of the business and property of any institution under § 23-49-102, the Bank Commissioner shall give notice by: (1) Causing the notice to be served upon the president or other executive officer actively in charge of the business of the institution; (2) Posting the notice at the main entrance at […]
§ 23-49-106. Appointment of receiver — Restrictions on proceedings, liens, or credits
(a) (1) The Bank Commissioner may appoint the appropriate federal deposit insurance agency as the receiver of the closed institution. If the federal deposit insurance agency accepts the appointment, the commissioner shall file notice with the court of the appointment. (2) If the Federal Deposit Insurance Corporation accepts appointment as receiver, it shall not be […]
§ 23-49-107. Powers of receiver
The receiver of a closed institution may do the following: (1) Take possession of all books, records, and assets of the institution; (2) Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate its assets; (3) Execute in the name of the institution […]
§ 23-49-108. Sale of assets — Assumption of deposit liabilities by new institution
(a) The receiver may, with ex parte approval of the circuit court, sell all or any part of the institution’s assets to one (1) or more other state or federally chartered depository institution or to a federal deposit insurance agency in its corporate capacity. (b) The receiver may also borrow from a federal deposit insurance […]
§ 23-49-109. Presentation of claims — Notice of claims procedure — Rejection of claims — Statute of limitations
(a) All parties having claims against the closed institution shall present their claims supported by proof to the receiver within one hundred eighty (180) days after the Bank Commissioner has taken possession. (b) The receiver shall cause notice of the claims procedures prescribed by this section to be: (1) Published once a month for three […]
§ 23-49-110. Claims filed after 180-day claim period
Any claims filed after the one-hundred-eighty-day claim period prescribed by § 23-49-109 and subsequently accepted by the receiver or allowed by the circuit court shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted […]
§ 23-49-111. Payment of claims
(a) All claims against the institution’s estate, proved to the receiver’s satisfaction or approved by the circuit court, shall be paid in the following order: (1) Administration expenses; (2) Claims given priority under other provisions of state or federal law; (3) Deposit obligations; (4) Other general liabilities; (5) Debt subordinated to the claims of depositors […]
§ 23-49-112. Rejection of contracts and leases
(a) Within one hundred eighty (180) days after the date that the Bank Commissioner has taken possession, the receiver may, at his or her election, reject: (1) Any executory contracts to which the closed institution is a party without any further liability to the closed institution or the receiver; and (2) Any obligation of the […]
§ 23-49-113. Subrogation of federal deposit insurance agency to rights of depositors
Whenever a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed institution, the federal deposit insurance agency, whether or not it acts as receiver, shall be subrogated by operation of law to all rights of depositors against the closed institution relating to claims for deposits so paid […]
§ 23-49-114. Appointment of successor to fiduciary and representative proceedings
(a) (1) The receiver, with the approval of the circuit court, may appoint one (1) or more successors to any or all of the rights, obligations, assets, deposits, agreements, and trusts held by the closed institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities. (2) The approval may be obtained […]