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Can you summarize NERS 8-199?
BANKS AND BANKING > Financial institutions; department as receiver; powers; no compensation to director.
Short Summary
This provision, found in the Nebraska Revised Statutes under the section for Banks and Banking, outlines the powers and privileges of the department when it is designated as the receiver for a financial institution chartered by the department. The department, acting through the director, has the authority to enforce debts and obligations owed to the financial institution or its creditors, shareholders, or owners. Additionally, the department can execute necessary instruments for the sale of property or settlement of obligations, subject to approval by the district court. It is important to note that the director of the department does not receive any compensation, fees, or salary for their services in connection with the liquidation or reorganization of such financial institutions, apart from their regular salary.
Whom does it apply to?
The department as receiver for a financial institution chartered by the department
What does it govern?
Powers and privileges of the department as receiver for a financial institution chartered by the department
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska