§ 5-8A-27 — Application by Bank for Injunction Against Acquisition of Possession of Business and Property by Receiver or Superintendent

Alabama § 5-8A-27

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

Text

Whenever the superintendent or a receiver has taken charge of the property or business of any bank, such bank may at any time within 10 days after the taking of such possession apply to the receivership court to enjoin further proceedings by the receiver or superintendent; and the court, after citing the receiver and superintendent to show cause why further proceedings should not be enjoined and hearing the allegations and proof of the parties and determining the facts, may, upon the merits, dismiss such application or enjoin the receiver or superintendent from further proceedings and direct him to surrender such business and property to such bank. Any such application for injunction may be heard at any time in the discretion of the receivership court after one day’s notice from the time of service of process on the receiver and superintendent. If application is made to enjoin the proceedings of the receiver, the superintendent may intervene and become a party to such action as a matter of right.

Legislative History

(Acts 1980, No. 80-658, §5-8-27.)