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Can you summarize NERS 8-198?
BANKS AND BANKING > Financial institutions; designation of receiver and liquidating agent; department; powers.
Short Summary
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, grants the department the authority to act as the receiver and liquidating agent for financial institutions chartered by the department. The department, subject to the supervision and control of the district court, can proceed to liquidate or reorganize such financial institutions in accordance with the Nebraska Banking Act. This provision does not constitute an unlawful delegation of judicial power to an executive department of government. Previous court cases have clarified that the appointment of a receiver is a judicial act to be performed by the courts, and the Department of Banking was ineligible to be appointed as a judicial receiver under the 1929 act. Overall, this provision outlines the powers and responsibilities of the department in handling the receivership and liquidation of financial institutions under its charter.
Whom does it apply to?
Financial institutions chartered by the department
What does it govern?
Designation of receiver and liquidating agent for financial institutions chartered by the department
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska