§ 32.24.090 — Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.

Washington § 32.24.090

• Jurisdiction: Washington
• Title 32: WASHINGTON SAVINGS BANK ACT
• Ch. 32.24: INSOLVENCY AND LIQUIDATION

Text

(1) The federal deposit insurance corporation is hereby authorized and empowered to be and act without bond as receiver or liquidator of any savings bank the deposits in which are to any extent insured by that corporation and which the director shall have taken possession pursuant to RCW 32.24.040 , 32.24.050 , or 32.24.073 .

(2) In the event of such closing, the director may appoint the federal deposit insurance corporation as receiver or liquidator of such savings bank.

(3) If the corporation accepts such appointment, it shall have and possess all the powers and privileges provided by the laws of this state with respect to a liquidator of a mutual savings bank, its depositors and other creditors, and be subject to all the duties of such liquidator, except insofar as such powers, privileges, or duties are in conflict with the provisions of the federal deposit insurance act, as now or hereafter amended.

Effective date — 2010 c 88: See RCW 32.50.900 .

Legislative History

[2010 c 88 s 64;1994 c 92 s 347;1973 1st ex.s. c 54 s 3.]