Oklahoma § 6-712 - Liability of directors, officers, and other persons Overdrafts

§ 6-712. Liability of directors, officers, and other persons Overdrafts

A. Liability for violation of bank and trust laws. Any

director, officer or other person who shall knowingly participate in

any violation of the laws of this state, relative to banks and

banking and trust companies, shall be liable for all damages which

the corporation, its stockholders, depositors, creditors or owners

of trust funds shall sustain in consequence of such violation; and

upon proper showing that any director or directors knowingly

Oklahoma Statutes - Title 6. Banks and Trust Companies

assented to, participated in, acquiesced in after failure to make

due inquiry, or caused a loan to be made in excess of the amounts

prescribed in Article VIII of this Code such director or directors

shall be individually liable for the amount of such loan and shall

be required to eliminate the same from the assets of the bank upon

the request of the Commissioner.

B. Liability for overdrafts. Any bank officer or employee who

shall knowingly, willfully and fraudulently, for the purpose of

defrauding the bank, pay out of the funds of said bank upon the

check, order or draft of any individual, firm, corporation or

association, which has not on deposit with such bank a sum equal to

such check, order or draft, shall be personally liable to such a

bank for the amount so paid and such liability shall be covered by

his official bond.

C. After August 9, 1989, no claim or action seeking to recover

money damages shall be brought by the Federal Deposit Insurance

Corporation, Resolution Trust Corporation or other federal banking

regulatory agency against any director or officer, including any

former director or officer, of any insured financial depository

institution as defined in the Financial Institutions Reform,

Recovery and Enforcement Act of 1989 unless such claim or action

arises out of the gross negligence, or willful or intentional

misconduct of such officer or director during his term of office

with such insured financial institution.

Added by Laws 1965, c. 161, § 712. Amended by Laws 1977, c. 208, §

11, emerg. eff. June 14, 1977; Laws 1988, c. 166, § 7, emerg. eff.

May 24, 1988; Laws 1992, c. 295, § 28, eff. July 1, 1992.