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Can you summarize 6 OKST 1205?
Liquidation, Dissolution, and Reorganization > Federal Deposit Insurance Corporation as Liquidator
Short Summary
This legal document authorizes and empowers the Federal Deposit Insurance Corporation (FDIC) to act as the liquidating agent of any banking institution closed by the State Banking Commissioner, where the deposits are insured by the FDIC. The Commissioner may tender the appointment of liquidator to the FDIC upon the closing of a banking institution. Once appointed, the FDIC assumes possession of all assets, business, and property of the bank, relieving the Commissioner from any responsibility and liability. The FDIC has the powers and privileges provided by the laws of the state for the liquidation of a bank and the protection of depositors and other creditors. If the FDIC serves as the liquidating agent of a national bank in Oklahoma, it is bound by the priority of claims established by the state law. Additionally, the FDIC has the right to enforce the individual liability of the directors of a banking institution upon court order. This document provides the legal framework for the FDIC’s role as a liquidator in the state of Oklahoma.
Whom does it apply to?
Federal Deposit Insurance Corporation (FDIC), State Banking Commissioner, banking institutions closed by the State Banking Commissioner
What does it govern?
Liquidation, Dissolution, and Reorganization of banking institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oklahoma