Oklahoma § 18-381.77 - Liquidation by Federal Deposit Insurance Corporation

§ 18-381.77. Liquidation by Federal Deposit Insurance Corporation

A. The Federal Deposit Insurance Corporation (FDIC) may act

without bond as the liquidating agent of any insured association

closed by the State Banking Commissioner.

B. The Commissioner, upon closing an insured association, may

tender to the FDIC the appointment as liquidator of such

association.

C. Upon being notified in writing of the acceptance of such an

appointment, the Commissioner shall immediately file in the office

of the county clerk of the county where the main office of the

insured association is situated a certificate evidencing the

appointment of the FDIC as liquidator. Upon the filing of the

certificate the possession of all the assets, business and property

of such association of every kind and nature, wheresoever situated,

shall be deemed transferred from such association and the

Commissioner to the FDIC. Without the execution of any instruments

of conveyance, assignment, transfer or endorsement, the title to all

such assets and property shall be vested in the FDIC and the

Commissioner thereafter shall be forever relieved from any and all

responsibility and liability with respect to the liquidation of such

association. With respect to a federal association, it shall be

sufficient to file a certified copy of the resolution of the

Director of the Office of Thrift Supervision appointing a receiver.

D. When the Director of the Office of Thrift Supervision or

FDIC transfers all real property, interests in real property, and

liens on real property of a closed insured association or federal

association, collectively referred to for the purpose of this

subsection as the "transferred property", to a single existing

association, federal association or bank or a newly chartered

federal association, the Director of the Office of Thrift

Supervision or FDIC shall file a memorandum of transfer or a

memorandum of assignment so stating in the office of the county

clerk of the county where real property records must be recorded

with respect to the transferred property. The memorandum shall be

executed by an authorized special representative of the Director of

the Office of Thrift Supervision or of the FDIC and shall have

attached to it certified copies of the resolutions of the Director

of the Office of Thrift Supervision or of the FDIC appointing and

authorizing the special representative and authorizing the transfer.

In that event, regardless of whether the date of closing predates

this statute, it shall not be necessary for the memorandum to

describe the transferred property with specificity, nor shall it be

necessary for any of the transferred property to be separately

Oklahoma Statutes - Title 18. Corporations

conveyed to the transferee association, federal association or bank

by an additional instrument. Thereafter, when the transferee

association, federal association or bank conveys, assigns, or

releases any of the transferred property, such conveyances,

assignments, and releases shall recite that the transferee

association, federal association or bank is successor in title to

the closed association as evidenced by the memorandum of transfer or

the memorandum of assignment and shall further recite the date and

county of filing and the book and page of recording the memorandum.

E. If the FDIC accepts the appointment as liquidator, it shall

have and possess all the powers and privileges provided by the laws

of this state with respect to the liquidation of an insured

association and with respect to the depositors and other creditors

of such an association and shall proceed in liquidation as if it

were the Commissioner, and shall have the right and power, upon the

order of a court of record of competent jurisdiction, to enforce the

individual liability of the directors of any such association.

F. To the extent that any action is required or permitted to be

taken by the FDIC or the Director of the Office of Thrift

Supervision pursuant to the terms of this section, any similar

action taken by the Federal Savings and Loan Insurance Corporation

or the Federal Home Loan Bank Board as predecessor federal agencies,

either prior to or subsequent to the effective date of this section,

shall be equally legal and effective as if such action were taken by

the FDIC or the Director of the Office of Thrift Supervision

pursuant to the authorization granted herein.

Added by Laws 1987, c. 61, § 24, emerg. eff. May 4, 1987. Amended

by Laws 1989, c. 292, § 2, operative July 1, 1989; Laws 1990, c.

118, § 25, emerg. eff. April 23, 1990; Laws 1993, c. 183, § 70, eff.

July 1, 1993; Laws 2000, c. 81, § 78, eff. Nov. 1, 2000.