Louisiana Revised Statutes 6:392 – Emergency sale of assets; purchase and assumption of assets
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Terms Used In Louisiana Revised Statutes 6:392
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assets: means all of a state bank's property and rights of every kind. See Louisiana Revised Statutes 6:201
- FDIC: means the Federal Deposit Insurance Corporation, and includes any successor to the corporation or other agency or instrumentality of the United States which may undertake to discharge the purposes of the corporation. See Louisiana Revised Statutes 6:381
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Receiver: means the person liquidating a state bank pursuant to Part II of this Subchapter. See Louisiana Revised Statutes 6:381
- Receivership court: means the district court for the parish in which the state bank is domiciled. See Louisiana Revised Statutes 6:381
The receiver may, with ex parte approval of the receivership court, sell all or any part of the bank’s assets to another state or national bank or to the FDIC. In like manner, the receiver may borrow from the FDIC any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing bank, assigning any part or all of the assets of the bank as security for such loan.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.