Section 1125.27 | Receiver May Appoint Successor.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) The receiver may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed state bank as trustee, administrator, executor, guardian, agent, or in any other fiduciary or representative capacity. The successor’s duties and obligations commence […]
Section 1125.28 | Filing Operates as Automatic Stay.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) The filing with the court of the finding of the superintendent of financial institutions or the certificate of appointment of the receiver, whichever occurs first, operates as an automatic stay from the date of the filing, subject to the court granting […]
Section 1125.29 | Order Declaring Bank Properly Wound Up and Dissolved.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) When a receiver has completed the liquidation of a state bank, the receiver shall, with notice to the superintendent of financial institutions, petition the court for an order declaring the bank properly wound up and dissolved. (B) After whatever notice and […]
Section 1125.30 | Receiver May Destroy Records.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly Subject to the approval of the court, the receiver may destroy the records of the state bank in accordance with section 1109.69 of the Revised Code after the receiver determines there is no further need for them. However, the receiver shall not […]
Section 1125.33 | Damages; Immunity.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) No damages may be awarded in a proceeding brought pursuant to this chapter challenging any action by the superintendent of financial institutions, special deputy superintendent, receiver, or conservator, or any employee of any of them, or any person retained for services […]
Section 1125.25 | Election to Reject or Ratify and Assign Executory Contract.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) Within one hundred days after the date of the closing of a state bank, a receiver may reject any executory contract to which the bank is a party without any further liability on the part of the bank or the receiver. […]
Section 1125.26 | Subrogation Rights of Federal Deposit Insurance Corporation.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly Whenever the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of a state bank, the federal deposit insurance corporation, whether or not it acts as receiver, shall be subrogated to the extent of the payments to […]
Section 1125.13 | Conduct of Business During Conservatorship.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly During the period of the conservatorship, all of the following apply: (A) The conservator may permit the state bank to continue to conduct its usual business, including the acceptance of deposits. (B) The obligations of the state bank shall continue to bear […]
Section 1125.14 | Recommendation of Conservator.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) The conservator shall evaluate the business and assets of the state bank and, after conducting whatever investigations the circumstances may require, shall recommend to the superintendent of financial institutions that either the conservatorship of the bank be terminated or the superintendent […]
Section 1125.17 | Full and Exclusive Powers and Procedures for Liquidation of Banks.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly This chapter provides the full and exclusive powers and procedures for the liquidation of state banks under the laws of this state, and no receiver or other liquidating agent shall be appointed for that purpose except as expressly provided in this chapter.