51A-15 SUSPENSION AND LIQUIDATION OF BANKS
SUSPENSION AND LIQUIDATION OF BANKS
Voluntary liquidation--Requirements for approval.
Ceasing to do business and winding up affairs on voluntary liquidation.
Notice of voluntary liquidation--Manner of publication--Contents.
Resignation of fiduciary positions and settlement of accounts on voluntary
Disposition of safe deposit on voluntary liquidation.
Depositor's or creditor's rights not impaired by voluntary liquidation--Return of safe
Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions.
Authority of director to take possession of bank in voluntary liquidation.
Reports of progress in voluntary liquidation--Order and certificate of dissolution.
Cancellation of voluntary liquidation.
Director's authority to suspend activities and take possession of bank--Grounds.
Receipt of deposits by insolvent bank unlawful--Felony.
Notice of suspension and possession.
Management and control powers of director in possession.
Circuit court jurisdiction of proceedings--Venue.
Change of venue.
Director's appointment of Federal Deposit Insurance Corporation as receiver in
Powers of Federal Deposit Insurance Corporation as receiver in liquidation
proceedings--Actions to recover money damages.
Postponement of limitation periods on director's taking actions.
Director's authority to take action in emergency without majority consent of
Applications to enjoin director from suspending activities and taking possession of
Proceedings exempt from open meetings and administrative procedure laws.
Reorganization of bank by director--Distribution and effect of reorganization plan.
Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director.
Borrowing money by director in possession.
Expenses of director paid from assets.
Requirements for adoption of reorganization plan.
Modification of reorganization plan or liquidation of bank--Grounds and notice
Limitations on powers of director or receiver in liquidating bank.
Executory contracts of bank terminated after commencement of liquidation.
Fiduciary positions of bank terminated after commencement of liquidation.
Subrogation rights of Federal Deposit Insurance Corporation in liquidation of bank.
Notice of liquidation by director or receiver.
Disposition of safe deposit boxes in liquidation by director or receiver.
Settlement of claims by director or receiver in liquidation proceedings.
Objections to schedule of determinations in settlement of claims.
Partial distributions to claim holders authorized--Final distribution.
Priority of claims in liquidation proceedings.
Payment of claims not filed within time prescribed.
Prorata payment of claims authorized.
Distribution of assets remaining after liquidation.
Disposition of unclaimed funds after liquidation.
Accounting by director or receivers after liquidation--Cancellation of charter--Order
and certificate of dissolution.
Instruments affecting real estate executed on behalf of insolvent banks validated.