§ 524.1314 — Survival of rights and remedies after dissolution or expiration — preservation of records

Iowa § 524.1314

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

of records.
1. The dissolution of a state bank, or the expiration of its period of duration, shall not take
away or impair any remedy available to or against such state bank, its directors, officers, or
shareholders, foranyrightorclaimexisting, oranyliabilityincurredpriortosuchdissolution
or expiration, if action or other proceeding thereon is commenced within two years after
the date of such dissolution or expiration. Any such action or proceeding by or against the
state bank may be prosecuted or defended by the state bank in its corporate name. The
shareholders, directors and officers shall have power to take such corporate or other action
as shall be appropriate to protect such remedy, right or claim.
2. Subsequent to the dissolution of a state bank, other than through the adoption of a
plan involving a provision for acquisition of its assets and assumption of its liabilities by
another state bank, national bank, or other financial institution insured by the federal deposit
insurance corporation, the superintendent may assume custody of the records of the state
bank and, if so, shall retain them in accordance with the provisions of section 524.221. The
superintendent may make copies of such records in accordance with the provisions of section
524.221, subsection 1.

Legislative History

[C71, 73, 75, 77, 79, 81, §524.1314]