28-1-3.1-5. Receiver; Appointment; Vesting of Title to All Assets and Right to Terminate Affairs of Institution; Liens or Claims Against Property
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 […]
28-1-3.1-6. Receiver; Authority
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 […]
28-1-3.1-7. Receiver’s Authority to Sell Assets; Borrowing of Money for Deposit Liabilities
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 […]
28-1-3.1-8. Claims; Presentation; Notice; Rejection
Sec. 8. (a) All parties having claims against the closed financial institution shall present their claims supported by proof to the receiver within one hundred eighty (180) days after the department has taken possession. (b) The receiver shall cause notice of the claims procedure prescribed by this section to be: (1) published once a week […]
28-1-3.1-9. Late Claims
Sec. 9. Any claims filed after the one hundred eighty (180) day claim period prescribed by section 8 of this chapter and subsequently accepted by the receiver or allowed by the receivership court shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of […]
28-1-3.1-10. Repealed
As added by P.L.141-1984, SEC.2. Repealed by P.L.42-1993, SEC.103.
28-1-3.1-10.1. Payment of Claims; Order
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) […]
28-1-3.1-11. Rejection of Executory Contracts and Leases
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 […]
28-1-3.1-12. Federal Deposit Insurance; Payments of Deposit Liabilities; Subrogation
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 […]
28-1-3.1-13. Successor to Closed Financial Institution’s Fiduciary Duties; Appointment; Powers and Duties; Notice of Appointment to Interested Parties
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 […]