Ohio § 1125.20
Full text of Ohio Ohio Revised Code § 1125.20, with citation guidance and answers to common questions.
§ 1125.20.
(A) If it appears to the superintendent of financial institutions that any one or more
of the conditions set forth in section 1125.18 of the Revised Code exists as to any state bank, the superintendent shall tender appointment as receiver
to the federal deposit insurance corporation if any deposits in the state bank are
insured by the federal deposit insurance corporation, and may tender appointment as
receiver to the federal deposit insurance corporation in any other case. Upon acceptance of the appointment as receiver, the federal deposit insurance corporation
shall not be required to post a bond. In addition to the powers of a receiver set forth in this chapter, the federal deposit
insurance corporation, as receiver, may exercise any other liquidation or receivership
powers authorized by state or federal law for a receiver of a bank. (B) If the federal deposit insurance corporation declines to accept the tendered appointment
or if the superintendent is not required to tender appointment as receiver to the
federal deposit insurance corporation, the superintendent may appoint, and thereafter
dismiss or replace, any other receiver, including the superintendent, the superintendent
determines to be necessary or advisable. The superintendent may fix the compensation to be paid the receiver and the amount
of the bond or other security, if any, to be required. (C) The superintendent may, from time to time, appoint one or more special deputy superintendents
as agent or agents to assist in the duties of receivership or of liquidation and distribution. No agent so appointed shall be subject to section 1181.05 of the Revised Code . (D) The superintendent, any special deputy superintendents, or a receiver may employ
and procure whatever assistance or advice is necessary in the receivership or liquidation
and distribution of the assets of the bank, and, for that purpose, may retain officers
or employees of the bank as needed. (E) All expenses of a receivership and liquidation shall be paid out of the assets of
the bank, and shall be a lien on the bank's assets, which lien shall be prior to any
other lien.
Frequently Asked Questions About Ohio § 1125.20
What does Ohio Revised Code § 1125.20 cover?
Section 1125.20 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1125.20?
A common citation format is "Ohio Revised Code § 1125.20" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1125.20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.