Alabama § 5-8A-23 Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets

Alabama Statutes

§ 5-8A-23 — Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets

Alabama § 5-8A-23

Title 5Banks and Financial Institutions

Ch. 8ALiquidation of Banks

Art. 2Insolvent Banks

This text of Alabama § 5-8A-23 (Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 5-8A-23 (2026).

Text

The superintendent shall not take possession of the property and business of any bank under the provisions of this chapter unless requested in writing to do so by a majority of the directors of the bank under Section 5-8A-21 or directed to do so by the Banking Board under Section 5-8A-20. On taking possession of the property and business of any such bank, the superintendent shall give notice of such fact to all banks in this state and other parties or corporations known to be holding or in possession of any assets of such bank.

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The superintendent shall not take possession of the property and business of any bank under the provisions of this chapter unless requested in writing to do so by a majority of the directors of the bank under Section 5-8A-21 or directed to do so by the Banking Board under Section 5-8A-20. On taking possession of the property and business of any such bank, the superintendent shall give notice of such fact to all banks in this state and other parties or corporations known to be holding or in possession of any assets of such bank.