§ 5-8A-34 — Loans from and Sale of Assets to Federal Deposit Insurance Corporation for Bank

Alabama § 5-8A-34

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

Text

With respect to any bank which is now or may hereafter be closed as provided under the laws of this state, the receiver of such bank may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of said bank to said corporation as security for a loan from same; provided, that where said corporation is acting as such receiver, the order of the receivership court shall be first obtained approving such loan. The receiver, upon the order of the receivership court which may be ex parte, may sell to said corporation any part or all of the assets of such bank. The provisions of this section shall not be construed to limit the power of the receivers to pledge or sell assets in accordance with any existing law.

Legislative History

(Acts 1980, No. 80-658, §5-8-34.)