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Can you summarize NERS 8-194?
BANKS AND BANKING > Insolvent banks; determination; declaration by director; filing.
Short Summary
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the determination and declaration of insolvency of banks in the state of Nebraska. When the director of the bank determines that a bank is insolvent and the stockholders or owners fail to restore solvency within the specified time and manner, or if the bank violates state laws, the director must make a written finding of the bank’s condition and declare it insolvent. This finding and declaration must be filed with the clerk of the district court in the county where the bank’s main office is located. The provision also includes annotations on the priority of deposits, appointment of a receiver for liquidation purposes, and miscellaneous matters related to insolvency proceedings.
Whom does it apply to?
Banks in the state of Nebraska
What does it govern?
Determination and declaration of insolvency of banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska