Virginia Code 6.2-926: Appointment of FDIC as receiver
Current as of: 2023 | Check for updates
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In any case where the Commission has closed and taken possession of a bank, the deposits in which are insured by the FDIC, the Commission may apply to the Circuit Court of the City of Richmond for the appointment of the FDIC as receiver. The court, if it finds that the FDIC is willing to accept the appointment, shall appoint the FDIC as receiver. Upon acceptance of the court’s appointment of the FDIC as receiver, the FDIC shall not be required to post bond.
Terms Used In Virginia Code 6.2-926
- Bank: means any bank or trust company organized under the laws of the Commonwealth. See Virginia Code 6.2-925
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- FDIC: means the Federal Deposit Insurance Corporation. See Virginia Code 6.2-800