§ 5-8A-25 — Passage of Title to Assets, Etc., of Banking Institution to Receiver

Alabama § 5-8A-25

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 8A: Liquidation of Banks
• Art. 2: Insolvent Banks

Text

Upon the appointment of a receiver to liquidate a bank, the possession of and title to all assets, business and property of such bank of every kind and nature shall pass to and vest in the receiver without the execution of any instruments of conveyance, assignment, transfer or endorsement.

Legislative History

(Acts 1980, No. 80-658, §5-8-25.)