§ 45-2-802 — Appointment of federal deposit insurance corporation as receiver of state bank - Powers and duties

Tennessee § 45-2-802

• Jurisdiction: Tennessee
• Title: 45

Text

(a) The federal deposit insurance corporation may be appointed receiver of any state bank, the deposits in which are to any extent insured by that corporation and that has been closed on account of inability to meet the demands of its depositors, or otherwise by the law of Tennessee. (b) The commissioner, after taking possession of a state bank, shall have the right to appoint the federal deposit insurance corporation as receiver. (c) Upon acceptance of the appointment as receiver, the federal deposit insurance corporation shall not be required to post bond or security. (d) If the corporation accepts the appointment, it shall have and possess all of the duties, powers, and privileges provided by the laws of this state with respect to receivers of closed banks, except insofar as the duties, powers, and privileges are in conflict with the Federal Deposit Insurance Act. In addition, the federal deposit insurance corporation as receiver shall have the right to make an emergency sale of assets of a closed bank, as provided in part 15 of this chapter.

Legislative History

Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-502; Acts 1980, ch. 510, § 1.