Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 8A - Liquidation of Banks.

Article 1 - Solvent Banks.

Section 5-8A-1 - Liquidation of Solvent Banks. - Any solvent bank may dissolve under the provisions of Alabama...

Article 2 - Insolvent Banks.

Section 5-8A-20 - Proceedings of Superintendent Before Banking Board as to Defaults or Misconduct of Bank. - Whenever it shall appear to the superintendent that any bank...

Section 5-8A-21 - Liquidation of Bank by Superintendent Without Assent of Banking Board. - If a majority of the directors of any bank so...

Section 5-8A-22 - Institution of Civil Action for Vacation of Charter, Liquidation, etc., of Bank. - The circuit court of the county in which the principal...

Section 5-8A-23 - Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets. - The superintendent shall not take possession of the property and...

Section 5-8A-24 - Appointment of Receiver to Liquidate Bank. - The superintendent may under his or her hand and official...

Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver. - Upon the appointment of a receiver to liquidate a bank,...

Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc. - In the event the superintendent takes charge of the business...

Section 5-8A-27 - Application by Bank for Injunction Against Acquisition of Possession of Business and Property by Receiver or Superintendent. - Whenever the superintendent or a receiver has taken charge of...

Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent. - After the superintendent has taken possession of the property and...

Section 5-8A-29 - Resumption of Business of Bank. - After the superintendent has taken possession of a bank, the...

Section 5-8A-30 - Collection of Claims of Bank, Etc. - Upon taking possession of any of the property and business...

Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation. - Whenever any bank shall have been closed as provided under...

Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank. - The receiver, by making application to the receivership court, may...

Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank. - (a) The receiver is authorized to borrow money and pledge...

Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank. - With respect to any bank which is now or may...

Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver. - The receiver shall assume or reject an executory contract, including...

Section 5-8A-36 - Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensation of Assistants, etc.; Court Approval of Liquidation Expenses. - The receiver may employ such counsel and procure such expert...

Section 5-8A-37 - Payment of Compensation. - When the compensation for the various parties aiding in the...

Section 5-8A-38 - Deposit of Funds Collected by Receiver. - The money collected by the receiver shall be, from time...

Section 5-8A-39 - Notice for and Filing of Claims Against Bank. - The receiver shall cause notice to be given by advertisement...

Section 5-8A-40 - Preferred Claims. - In addition to any other laws of this state or...

Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims. - Upon taking possession of the property and assets of such...

Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits. - Objections to any claim or deposit not rejected by the...

Section 5-8A-43 - Rejection of Claims. - If the receiver doubts the validity of any claims or...

Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims. - Any action upon a claim so rejected must be brought...

Section 5-8A-45 - Payment of Dividends to Creditors. - At any time after the expiration of the date fixed...

Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank. - Whenever the receiver shall have paid to each and every...