TITLE 26

BANKS AND BANKING

CHAPTER 10

CLOSING AND LIQUIDATION OF BANKS

26-1014.  Federal Deposit Insurance Corporation acting as liquidator — Possession and control of assets and business of bank. Upon the acceptance of the appointment of receiver or liquidator aforesaid by said corporation, and during its continuance as such receiver or liquidator, the possession and control of all the assets, business and property of such banking institution of every kind and nature shall pass to and vest in said corporation and without the execution of any instruments of conveyance, assignment, transfer or endorsement, with the same force and effect and to the same extent as in the director of the department of finance under like circumstances.

History:

[26-1014, added 1979, ch. 41, sec. 2, p. 108.]