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Can you summarize NERS 8-1,104?
BANKS AND BANKING > Insolvent banks; liquidation; director; collection of debts; sale or compromise of certain debts; procedure; deposit or investment of funds.
Short Summary
This section of the Nebraska Revised Statutes governs the actions to be taken by the director upon taking possession of the property and business of an insolvent bank. The director is required to collect all money due to the bank and perform necessary acts to conserve its assets and business. In case of insolvency, the director must proceed to liquidate the affairs of the bank under the Nebraska Banking Act. The director is also responsible for collecting all debts due to and belonging to the bank. If the director wishes to sell or compromise bad or doubtful debts or any real and personal property of the bank, they must apply to the district court for an order permitting such actions. The money collected by the director may be deposited in state banks or national banks, subject to the requirement of providing security. Additionally, the director is authorized to invest a portion or all of the money in short-term interest-bearing securities of the federal government.
Whom does it apply to?
Directors of insolvent banks, district court of the county in which the main office of the bank is located, state banks, national banks
What does it govern?
Insolvent banks, liquidation, director, collection of debts, sale or compromise of certain debts, procedure, deposit or investment of funds
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska