§ 11-103-806 — Assets sold or pledged as security

(1) With respect to any
banking institution closed on account of inability to meet the demands of its
depositors or by action of the banking board or by action of its directors or in the
event of its capital inadequacy or suspension, the liquidator of such institution may
borrow from the federal deposit insurance corporation and furnish any part or all of
the assets of said institution to said corporation as security for a loan from same,
but, if said corporation is acting as such liquidator, the order of a court of record of
competent jurisdiction shall be first obtained approving such loan. Upon the order
of a court of record of competent jurisdiction, all or any part of the assets of such
institution may be sold.

(2) The provisions of this section shall not be construed to limit the power of
any banking institution, the commissioner, or the liquidators to pledge or sell assets
in accordance with any existing law.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1107, � 3, effective July 1.