Alabama Code 5-8A-23. Acquisition of possession of property and business of bank by superintendent; notice to holders of bank assets
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 5-8A-23
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- property: includes both real and personal property. See Alabama Code 1-1-1
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
- writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
The superintendent shall not take possession of the property and business of any bank under the provisions of this chapter unless requested in writing to do so by a majority of the directors of the bank under Section 5-8A-21 or directed to do so by the Banking Board under Section 5-8A-20. On taking possession of the property and business of any such bank, the superintendent shall give notice of such fact to all banks in this state and other parties or corporations known to be holding or in possession of any assets of such bank.