§ 369.354 — Federal Deposit Insurance Corporation may act as receiver or liquidator without bond.

Missouri § 369.354

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 369: Savings and Loan Associations

Text

1.  The Federal Deposit Insurance Corporation or any successor thereto may act without bond as sole or joint receiver or liquidator of any insured association which has been taken over pursuant to the provisions of sections 369.010 to 369.369 .

2.  The director of the division of finance in the event of the taking over of any insured association may tender to the Federal Deposit Insurance Corporation or any successor thereto the appointment as sole receiver or liquidator thereof or as coreceiver or coliquidator jointly with the director.

3.  If the Federal Deposit Insurance Corporation or any successor thereto accepts the appointment mentioned in subsection 2, it shall equally have and possess all of the powers and privileges provided by the laws of this state with respect to the director upon the director's taking possession of an association and shall be subject to all the duties of the director.  The corporation may make loans on the security of or may bid for purchase at public or private sale or at any custodian's, receiver's or liquidator's sale, or may liquidate or sell any part of the assets of the association of which it is the sole or joint receiver or liquidator.  If the corporation purchases any such assets, it shall bid and pay a fair and reasonable price.

4.  Whenever the Federal Deposit Insurance Corporation or any successor thereto pays or makes provision for payment of the liabilities of any insured association, it is subrogated, upon the surrender and transfer to it of any account insured by it, to all rights of the holder with respect to such account.  The surrender and transfer of the account does not affect any right which the transferor thereof may have in any portion of the account which is uninsured or any right to participate in the distribution of the net proceeds remaining from the distribution of the assets of the insured association.  The rights of the investors in and creditors of the insured association shall be determined in accordance with the laws of this state.

5.  If such corporation is appointed sole receiver, the director, upon the director's application, shall be made a party to the proceedings and be heard on any material matter.

6.  No compensation shall be allowed such corporation or its officers, agents, counsel or employees in connection with such receivership.

Legislative History

(L. 1971 S.B. 3 § 70, A.L. 1982 S.B. 464, A.L. 1983 H.B. 570, A.L. 1984 S.B. 670 Revision, A.L. 1994 H.B. 1165) Effective 7-06-94