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Can you summarize KSST Chapter 9, Article 13?
BANKS AND BANKING; TRUST COMPANIES > BANKING CODE; DEPOSIT INSURANCE AND BONDS
Short Summary
The provided legal document content is a provision found in the Kansas Statutes under the BANKS AND BANKING; TRUST COMPANIES section, specifically the BANKING CODE; DEPOSIT INSURANCE AND BONDS subsection. It governs the borrowing and selling of assets by closed banks that are unable to meet the demands of their depositors. According to the provision, with the approval of the commissioner, the receiver or liquidator or the board of directors of a closed bank may borrow from the federal deposit insurance corporation or its successor and pledge any part or all of the bank’s assets as security. Additionally, the assets, or any portion thereof, of a closed bank may be sold to the federal deposit insurance corporation or its successor, subject to the approval of the commissioner. It is important to note that this provision does not limit the power of any bank, the commissioner, or the receiver or liquidator to pledge or sell any assets in accordance with other provisions of the state banking code and existing laws.
Whom does it apply to?
Closed banks, the commissioner, the receiver or liquidator, federal deposit insurance corporation or its successor
What does it govern?
Borrowing and selling of assets by closed banks that are unable to meet the demands of their depositors
What are exemptions?
This provision does not limit the power of any bank, the commissioner, or the receiver or liquidator to pledge or sell any assets in accordance with other provisions of the state banking code and existing laws.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas