Section 5-8A-31 – Subrogation of Federal Deposit Insurance Corporation.
Section 5-8A-31 Subrogation of Federal Deposit Insurance Corporation. Whenever any bank shall have been closed as provided under the laws of this state, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or […]
Section 5-8A-32 – Sale, etc., of Bad Debts and Property of Bank.
Section 5-8A-32 Sale, etc., of bad debts and property of bank. The receiver, by making application to the receivership court, may procure an order to sell or compound all bad or doubtful debts and on like order may sell all real and personal property of such bank on such terms as the court shall direct; […]
Section 5-8A-33 – Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank.
Section 5-8A-33 Negotiation of loans, granting of security, etc., on behalf of closed bank. (a) The receiver is authorized to borrow money and pledge the assets of a bank in liquidation for protecting and preserving its assets, for paying secured claims, for aiding in the reorganization or reopening of such bank or for making distribution […]
Section 5-8A-34 – Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank.
Section 5-8A-34 Loans from and sale of assets to Federal Deposit Insurance Corporation for bank. With respect to any bank which is now or may hereafter be closed as provided under the laws of this state, the receiver of such bank may borrow from the Federal Deposit Insurance Corporation and furnish any part or all […]
Section 5-8A-35 – Assumption or Rejection of Executory Contracts by Receiver.
Section 5-8A-35 Assumption or rejection of executory contracts by receiver. The receiver shall assume or reject an executory contract, including an unexpired lease of real or personal property, within 60 days after appointment, but the receivership court may for cause shown extend or reduce the time. Any such contract or lease not assumed or rejected […]
Section 5-8A-20 – Proceedings of Superintendent Before Banking Board as to Defaults or Misconduct of Bank.
Section 5-8A-20 Proceedings of superintendent before banking board as to defaults or misconduct of bank. Whenever it shall appear to the superintendent that any bank has violated its charter or any law of the state, or is conducting business in any unauthorized manner, or that the bank may suspend payment of its obligations, or if […]
Section 5-8A-36 – Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensation of Assistants, etc.; Court Approval of Liquidation Expenses.
Section 5-8A-36 Employment of counsel, expert assistants, etc., in liquidation of bank; compensation of assistants, etc.; court approval of liquidation expenses. The receiver may employ such counsel and procure such expert assistants and advice as may be necessary in the liquidation and distribution of the assets of such bank and may retain such of the […]
Section 5-8A-21 – Liquidation of Bank by Superintendent Without Assent of Banking Board.
Section 5-8A-21 Liquidation of bank by superintendent without assent of Banking Board. If a majority of the directors of any bank so request in writing and the bank has violated any of the provisions of the banking laws or is insolvent, the superintendent may take charge of and liquidate the affairs of the bank as […]
Section 5-8A-37 – Payment of Compensation.
Section 5-8A-37 Payment of compensation. When the compensation for the various parties aiding in the liquidation is fixed and approved, the same shall be paid out of the funds of such bank in the hands of the receiver and shall be a prior charge and lien on the assets of such bank. (Acts 1980, No. […]
Section 5-8A-22 – Institution of Civil Action for Vacation of Charter, Liquidation, etc., of Bank.
Section 5-8A-22 Institution of civil action for vacation of charter, liquidation, etc., of bank. The circuit court of the county in which the principal place of business of the bank is located, sitting without a jury may upon application of the superintendent vacate the charter of a bank, liquidate a bank, or appoint a receiver […]