Ask Reggi Your Question Now
Can you summarize OHRC Section 1125.20?
Banks - Liquidations And Conservatorships > Appointment as receiver to federal deposit insurance corporation.
Short Summary
This legal document governs the appointment of a receiver to the Federal Deposit Insurance Corporation (FDIC) in cases where certain conditions exist as per the Ohio Revised Code. The Superintendent of Financial Institutions is responsible for tendering the appointment as receiver to the FDIC if the state bank’s deposits are insured by the FDIC, or in other cases, the superintendent may tender the appointment. Once appointed, the FDIC as receiver is not required to post a bond and has the powers of a receiver as authorized by state or federal law. If the FDIC declines the appointment or is not required to be appointed, the superintendent may appoint and dismiss or replace another receiver as deemed necessary. The superintendent has the authority to determine the receiver’s compensation and the requirement of a bond or other security. Special deputy superintendents may also be appointed to assist in the duties of receivership or liquidation. The superintendent, special deputy superintendents, or a receiver may employ necessary assistance or advice in the receivership or liquidation, including retaining officers or employees of the bank. All expenses of the receivership and liquidation are paid from the bank’s assets and have a lien on the assets, which takes priority over any other lien.
Whom does it apply to?
Superintendent of Financial Institutions, federal deposit insurance corporation, and other potential receivers
What does it govern?
Appointment as receiver to federal deposit insurance corporation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Ohio