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Can you summarize NERS 8-187?
BANKS AND BANKING > Banks; department may take possession; when; examination of affairs; liens dissolved; retention of possession.
Short Summary
This legal document, part of the Nebraska Revised Statutes governing banks and banking, grants the Department of Banking and Finance the authority to take possession of the property and business of a bank under certain circumstances. The department can conduct the affairs of the bank and retain possession of all money, rights, credits, assets, and property belonging to the bank. The circumstances under which the department can take possession include situations where the bank’s capital is impaired, the bank is conducting business in an unsafe or unauthorized manner, the bank is endangering the interests of its depositors, or the bank fails to comply with reporting requirements or orders from the director. The department can retain possession for a sufficient time to examine the bank’s affairs and dispose of its property as provided by law. Any liens obtained through legal proceedings against the bank or its property within sixty days preceding the department’s possession are dissolved and void. The department retains possession until the bank resumes business or its affairs are finally liquidated under the Nebraska Banking Act.
Whom does it apply to?
The department (Department of Banking and Finance)
What does it govern?
Possession of property and business of a bank, conducting the affairs of the bank, retention of possession of all money, rights, credits, assets, and property of the bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska