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Can you summarize NERS 8-143?
BANKS AND BANKING > Loans; excessive amount; violations; forfeiture of charter; directors' personal liability.
Short Summary
This legal document governs the actions of directors of banks in Nebraska. If the directors knowingly violate or permit violations of section 8-141, the bank may face forfeiture of its rights, privileges, and franchises. Before the charter of the bank is declared forfeited, a court of competent jurisdiction must determine and adjudicate the violation. The Director of Banking and Finance may bring an action for this purpose. In case of a violation, directors who participated in or knowingly assented to the violation may be personally liable for all damages sustained by the bank, its shareholders, or any other person as a result of the violation. This provision aims to hold directors accountable for excessive loans and protect the interests of the bank and its stakeholders.
Whom does it apply to?
Directors of banks
What does it govern?
Loans; excessive amount; violations; forfeiture of charter; directors' personal liability
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Directors who violate or permit violations of section 8-141 may face forfeiture of the bank's rights, privileges, and franchises. Additionally, directors who participate in or knowingly assent to the violation may be personally liable for all damages sustained by the bank, its shareholders, or any other person as a result of the violation.
Jurisdiction
Nebraska