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Can you summarize NERS 8-177?
BANKS AND BANKING > Banks; consolidation; approval required; creditors' claims.
Short Summary
This legal provision, found in the Nebraska Revised Statutes under the section for Banks and Banking, governs the process of consolidation for banks in Nebraska. It states that a bank, in the process of winding up its business for the purpose of consolidating with another financial institution, may transfer its resources and liabilities to the institution with which it is consolidating. However, the consolidation requires the consent of the director. Additionally, the consolidation should not hinder any creditor in collecting their debt against the bank or financial institution, and the claim of any creditor should not be defeated by the consolidation. The provision does not specify any exemptions or penalties related to this process.
Whom does it apply to?
Banks in Nebraska
What does it govern?
Consolidation of banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska