§31A-7-1. Purpose; Construction
(a) The purpose of this article is to: (1) To the maximum extent possible, protect and preserve the assets of depositors, shareholders and other creditors in the financial institutions of this state;
§31A-7-10. Executory Contracts and Leases; Assumption or Rejection; Court Approval for Assignments
(a) Within the six-month period immediately following the recordation of his certificate of appointment with the county clerk, the receiver may assume or reject any executory contract or any unexpired lease of the involved financial institution. Notice of the receiver's rejection of any such contract or lease shall be given to the other party to […]
§31A-7-11. General Subrogation Rights of Federal Deposit Insurance Corporation
In all cases where the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of a closed financial institution or a financial institution under receivership, the federal deposit insurance corporation, whether or not it is receiver of such institution, is subrogated to all of the rights of the owners of […]
§31A-7-12. Payment of Expenses and Debts; Order of Priority; Rights of Secured Creditors
(a) Each receiver shall pay the expenses and just debts of the involved financial institution in the manner specified by this section. The receiver shall divide all claims against the institution into the general classes set forth in this section with the highest priority being given to the first listed class and then to each […]
§31A-7-13. Claims Procedure
(a) Within a reasonable time after taking possession and control of the property and business of the financial institution, the receiver shall require all parties who may have claims against the financial institution to present their claims and provide satisfactory proof thereof within such reasonable time, not to be more than sixty days from the […]
§31A-7-14. Hearings; Judicial Review
Except to the extent another provision of this article expressly authorizes a person to directly take action in a court of competent jurisdiction, any person who is adversely affected by any whole or partial rejection of a claim provided for in section thirteen of this article or by any other order, demand, action, refusal, failure […]
§31A-7-15. Exclusivity of Powers and Procedures of Article
The provisions of this article provide full and exclusive powers and procedures for the conservatorship, receivership and liquidation of a financial institution, and a receiver or conservator for a financial institution shall not under any circumstances be appointed nor shall a conservatorship, receivership or liquidation of a financial institution under any circumstances be conducted except […]
§31A-7-2. Definitions
As used in this article: (a) "Commissioner" means the commissioner of banking of West Virginia and any authorized deputy or employee thereof; (b) "Federal law" means all the provisions of Title XII of the United States Code and all rules and regulations promulgated pursuant thereto; (c) "Financial institution" means any bank, building and loan association, […]
§31A-7-3. Conservatorship; Reorganization
(a) Whenever the commissioner considers it necessary in order to protect or preserve the assets of any financial institution in this state for the benefit of the depositors and other creditors thereof, he may appoint a conservator for such financial institution. The conservator may be an employee of the state department of banking and shall […]
§31A-7-4. Receivership
(a) If the commissioner ascertains from any source that the capital of any financial institution is substantially impaired and such institution, after receiving notice from the commissioner, does not promptly make good such impairment to the satisfaction of the commissioner, or if the commissioner ascertains from any source that any financial institution is insolvent or […]
§31A-7-5. Provisions Applicable to Federal Deposit Insurance Corporation Only
(a) The provisions of this section apply only to those cases in which the commissioner has appointed the federal deposit insurance corporation (hereinafter referred to as the "corporation") as receiver for a financial institution. (b) When it has been appointed by the commissioner as the receiver for a financial institution pursuant to the provisions of […]
§31A-7-6. Borrowing Powers of Receiver
With the written consent of the commissioner, any receiver of a financial institution appointed under the provisions of this article may borrow money from and contract for loans with any finance or lending agency of the United States government or any other responsible agency or person for the purpose of furnishing immediate relief to or […]
§31A-7-7. Reorganization, Purchase, Merger or Consolidation of and by Financial Institutions; Conversion of National Bank to State Bank; Obligations Remain Effective
Subject to the other provisions of this section, in any voluntary or involuntary proceeding to liquidate a financial institution for which a receiver has been appointed under this article, such institution, with the written consent of the commissioner, may reorganize, reclaim possession of its assets and continue in business. Any financial institution may at any […]
§31A-7-8. Voluntary Liquidation by Financial Institution
Any financial institution may, after thirty days' notice to the commissioner, cease to transact business and go into voluntary liquidation and convert its assets into money and pay the money to the persons entitled thereto.
§31A-7-9. Involuntary Liquidation of Financial Institution After Revocation of Certificate of Authority, Permit or License
If the commissioner revokes the certificate of authority, permit or license of any financial institution other than a state bank or if the West Virginia board of banking and financial institutions revokes the certificate, permit or license of a state bank and such financial institution within a reasonable time does not comply with the laws […]