Oklahoma § 6-1205 - Federal Deposit Insurance Corporation as liquidator

§ 6-1205. Federal Deposit Insurance Corporation as liquidator

A. Liquidation by F.D.I.C. The Federal Deposit Insurance

Corporation is hereby authorized and empowered to be and act without

bond as liquidating agent of any banking institution closed by the

State Banking Commissioner, the deposits in which are to any extent

insured by the Corporation.

B. Commissioner may tender to F.D.I.C. as liquidator. The

Commissioner may in the event of such closing upon order of the

Board tender to the Corporation the appointment as liquidator of

such banking institution.

Oklahoma Statutes - Title 6. Banks and Trust Companies

C. Appointment of F.D.I.C. as liquidator - Acceptance. Upon

being notified in writing of the acceptance of such an appointment,

the Commissioner shall forthwith file in the office of the clerk and

recorder in the county in which the bank is situated a certificate

evidencing the appointment of the Federal Deposit Insurance

Corporation. Upon the filing of such certificate the possession of

all the assets, business and property of such bank of every kind and

nature wheresoever situated shall be deemed transferred from such

bank and the Commissioner to the Federal Deposit Insurance

Corporation including any securities pledged by the bank to the

Commissioner pursuant to Section 1004 of this title. 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 Federal Deposit Insurance Corporation and the

Commissioner shall be forever thereafter relieved from any and all

responsibility and liability in respect to the possession and

liquidation of such bank.

D. Powers of F.D.I.C. as liquidator. If the Corporation

accepts the appointment, it shall have and possess all the powers

and privileges provided by the laws of this state with respect to

the liquidation of a bank and with respect to its depositors and

other creditors and shall proceed in liquidation under this title as

if it were the Commissioner and shall act in the Commissioner's

stead and be substituted therefor in all actions brought pursuant to

Section 1018 of this title.

E. Priority of Claims for F.D.I.C. If the Corporation serves

as the liquidating agent of any national bank the principal office

of which is located in Oklahoma, it shall be bound by the priority

of claims established in subsection K of Section 1204 of this title.

F. Individual liability of directors. Among its other powers,

the Federal Deposit Insurance Corporation, in the performance of its

powers and duties as such liquidator, 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 banking institution.

Added by Laws 1965, c. 161, § 1205. Amended by Laws 1983, c. 131, §

2, eff. Nov. 1, 1983; Laws 1988, c. 166, § 10, emerg. eff. May 24,

1988; Laws 1997, c. 111, § 95, eff. July 1, 1997; Laws 2010, c. 62,

§ 9, emerg. eff. April 9, 2010.