§ 5-8A-30 — Collection of Claims of Bank, Etc

Alabama § 5-8A-30

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

Text

Upon taking possession of any of the property and business of any bank, the receiver may collect moneys due to such bank and do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof as provided in this chapter. The receiver shall collect all debts due and claims belonging to the bank, whether in this state or in any other state, and may proceed in courts of competent jurisdiction to enforce said claims in this state and in other states. “Claims” shall include any right of action against any surety, fidelity or insurance company, auditor or any past or present officer or director of such bank for mismanagement, violations of laws or regulations or other breach of duty. It shall be the duty of the receiver or his duly authorized agent to satisfy on the proper record all mortgages, judgments, security interests, or other liens held or owned by any insolvent bank that have been paid or satisfied.

Legislative History

(Acts 1980, No. 80-658, §5-8-30.)