§ 28-1-3.1-7 — Receiver's authority to sell assets; borrowing of money for deposit liabilities

Indiana § 28-1-3.1-7

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 3.1: Liquidation of Financial Institutions

Text

The receiver may, with ex parte approval of
the receivership court, sell all or any part of the financial institution's
assets to another state or federally chartered financial institution or to
a federal deposit insurance agency acting in its corporate capacity. The
Federal Deposit Insurance Corporation is not required to seek ex parte
approval of the receivership court. The receiver may also borrow from
a federal deposit insurance agency any amount necessary to facilitate
the assumption of deposit liabilities by a newly chartered or existing
state or federally chartered financial institution, assigning any part or
all of the assets of the financial institution as security for the loan.

Legislative History

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.102.