The federal deposit insurance corporation may pay out and acquire the insured deposit liabilities of a bank notwithstanding the possession by the deputy director or the pendency of receivership proceedings and for such purposes shall have the use of the facilities and records of the bank. The federal deposit insurance corporation and its directors, officers, agents and employees, the deputy director and the receiver and the respective agents and employees of each, shall be free from liability to the bank, its directors, stockholders and creditors, for or on account of any action authorized by this section.

Terms Used In Arizona Laws 6-395.03

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • 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.
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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