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Can you summarize NERS 8-707?
BANKS AND BANKING > Insolvent banks; loans from Federal Deposit Insurance Corporation; security; sale of assets to corporation; conditions.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the actions related to insolvent banks. It allows the Director of Banking and Finance or the receiver/liquidator of a closed banking institution to borrow from the Federal Deposit Insurance Corporation (FDIC) and provide the assets of the institution as security for the loan. However, if the FDIC is acting as the receiver or liquidator, a court order must be obtained before approving the loan. Additionally, the Director of Banking and Finance, with a court order, or the receiver/liquidator, with the permission of the Director, may sell any or all of the assets of the institution to the corporation. It is important to note that this document does not limit the power of banking institutions, the Director of Banking and Finance, or receivers/liquidators to pledge or sell assets in accordance with existing laws.
Whom does it apply to?
Banking institutions, Director of Banking and Finance, receivers or liquidators
What does it govern?
Insolvent banks, loans from Federal Deposit Insurance Corporation, security, sale of assets to corporation
What are exemptions?
The provisions of this section shall not limit the power of any banking institution, the Director of Banking and Finance, or receivers or liquidators to pledge or sell assets in accordance with any existing law.
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nebraska