Ask Reggi Your Question Now
Reggi is the free generative AI assistance for regulatory compliance
Can you summarize NERS 8-708?
BANKS AND BANKING > Insolvent bank; Federal Deposit Insurance Corporation as receiver or liquidator; title to property.
Short Summary
Upon the acceptance of the appointment of receiver or liquidator aforesaid by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall pass to and vest in said corporation and without the execution of any instruments of conveyance, assignment, transfer or endorsement. Source: Laws 1935, c. 8, 8, p. 75; C.S.Supp.,1941, 8-408; R.S.1943, 8-708.
Jurisdiction
Nebraska