Alabama Code 5-8A-25. Passage of title to assets, etc., of banking institution to receiver
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Terms Used In Alabama Code 5-8A-25
- 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
Upon the appointment of a receiver to liquidate a bank, the possession of and title to all assets, business and property of such bank of every kind and nature shall pass to and vest in the receiver without the execution of any instruments of conveyance, assignment, transfer or endorsement.