Vermont Statutes Title 8 Sec. 19306
Terms Used In Vermont Statutes Title 8 Sec. 19306
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
§ 19306. Federal deposit insurance corporation
If the Federal Deposit Insurance Corporation shall have been appointed receiver of a closed Vermont financial institution, it may advance, with the consent and approval of the Superior judge, monies to pay insured deposits or for other proper purposes and shall have a lien upon all or any part of the assets of such financial institution as the court may direct for the repayment of such advances, which shall be deemed to be in the nature of a loan, but provision shall be made in such order to secure ultimately as large a percentage payment on account of uninsured deposits as would be finally available for such deposits if such assets were not so pledged. The Federal Deposit Insurance Corporation, whether or not acting as receiver, may become the purchaser of any assets of such Vermont financial institution that have been offered for public bids, under such terms and conditions as the Superior judge may direct, provided that the purchase be approved by the Superior judge after hearing held on such reasonable notice by publication or otherwise as the Superior judge may direct. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)