Sec. 1. (a) The definitions set forth in this section apply throughout this chapter. (b) “Federal deposit insurance agency” means an agency or instrumentality of the United States that insures to any extent the deposits of a financial institution, including the Federal Deposit Insurance Corporation or the National Credit Union Administration. (c) “Insolvent” means a […]
As added by P.L.141-1984, SEC.2. Repealed by P.L.42-1993, SEC.103.
Sec. 10.1. (a) All claims against the financial institution that are proved to the satisfaction of the receiver or approved by the receivership court shall be paid in the following order: (1) Claims of persons referred to in IC 28-1-12-6 as having preference and priority. (2) Administration expenses of the liquidation, including the following: (A) […]
Sec. 11. (a) Within one hundred eighty (180) days of the date that the department has taken possession, the receiver may, at his election, reject: (1) any executory contract to which the closed financial institution is a party without any further liability to the closed financial institution or the receiver; or (2) any obligation of […]
Sec. 12. Whenever a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed financial institution, the federal deposit insurance agency, whether or not it acts as receiver, shall be subrogated by operation of law to all rights against the closed financial institutions of each owner of a […]
Sec. 13. (a) The receiver, with the approval of the receivership court, may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed financial institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities. The successor’s duties and obligations begin upon appointment to the same […]
Sec. 14. (a) The receiver shall cause notice to be mailed to: (1) the owners of any personal property left in the possession of a closed financial institution for safekeeping or as bailee or depository for hire; (2) all lessees; and (3) other persons in possession of any safe deposit box, vault, or locker; requiring […]
Sec. 15. The receiver may, within ten (10) years after any cause of action has accrued against any of the directors, trustees, officers, owners, or employees of any closed financial institution, institute and maintain, in the name of the receiver, any action or proceeding for the enforcement of any right, demand, or claim that is […]
Sec. 16. (a) When the proceedings described in this chapter have been completed, the receiver shall execute and file, in the manner provided in this section, articles of dissolution, setting forth the following information: (1) The name of the financial institution. (2) The place where its principal office is located. (3) The names and addresses […]
Sec. 17. The articles of dissolution shall be executed in triplicate and shall be presented in triplicate to the secretary of state at his office (as provided in section 18 of this chapter) accompanied by the fees prescribed by law. As added by P.L.141-1984, SEC.2.
Sec. 18. Upon presentation of the articles of dissolution as provided in section 17 of this chapter, the secretary of state shall: (1) endorse his approval upon each of the triplicate copies of the articles if he finds that they conform to law; (2) when all fees have been paid as required by law: (A) […]
Sec. 19. The department shall file for record with the county recorder of the county where the principal office of the financial institution is located one (1) of the triplicate copies of the articles of dissolution bearing the endorsement of the approval of the secretary of state as provided in section 18 of this chapter. […]
Sec. 2. (a) The department may take possession of the business and property of any financial institution except a creditor licensed to make supervised or regulated loans under IC 24-4.5, whenever it appears to the department that the financial institution: (1) is insolvent or in imminent danger of insolvency; (2) is in an unsafe or […]
Sec. 20. Upon the issuance of the certificate of dissolution and the recording of the articles of dissolution, as provided in section 19 of this chapter, the financial institution shall be dissolved and its existence shall cease. As added by P.L.141-1984, SEC.2.
Sec. 21. Whenever a federal supervisory agency is bidding, consolidating, merging, selling, or otherwise resolving or disposing of a troubled, an insolvent, or an imminently insolvent financial institution, the director of the department may approve any transaction, including the purchase of assets, the assumption of liabilities, a merger, or the formation of a new financial […]
Sec. 3. (a) When the department has taken possession of the business and property of a financial institution under the provisions of section 2 of this chapter, the department shall hold possession of the business and property until the affairs of the institution have been finally liquidated as provided in this chapter, unless the financial […]
Sec. 4. (a) Immediately upon the taking possession of the business and property of any financial institution under section 2 of this chapter, the department shall give notice by: (1) posting the notice at the main entrance of the principal office of the financial institution; (2) causing the notice to be served upon the president […]
Sec. 5. (a) The department may appoint the receiver of the closed financial institution. Unless the receiver is the Federal Deposit Insurance Corporation, the department, upon acceptance of the appointment of a receiver, shall make immediate application to the receivership court for confirmation of the receiver. The receivership court shall approve the department’s application if […]
Sec. 6. The receiver of a closed financial institution may do the following: (1) Take possession of all books, records, and assets of the financial institution. (2) Collect all debts, claims, and judgments belonging to the financial institution and do such other acts as are necessary to preserve and liquidate its assets. (3) Execute in […]
Sec. 7. The receiver may, with ex parte approval of the receivership court, sell all or any part of the financial institution’s assets to another state or federally chartered financial institution or to a federal deposit insurance agency acting in its corporate capacity. The Federal Deposit Insurance Corporation is not required to seek ex parte […]
