26-1011. FEDERAL DEPOSIT INSURANCE CORPORATION — RIGHT TO ACT AS RECEIVER OR LIQUIDATOR. The Federal Deposit Insurance Corporation created by section 8 of the federal "Banking Act of 1933" (section 12B of the Federal Reserve Act, as amended) is hereby authorized and empowered to be and act without bond as receiver or liquidator of any banking institution, the deposits in which are to any extent insured by said corporation, and which shall have been closed on account of inability to meet the demands of its depositors, in lieu of the director of finance, but only if and when requested so to do by said director.
The director of the department of finance may, in his discretion, in the event of such closing tender to said corporation the appointment as receiver or liquidator of such banking institution, in his stead, and if the corporation accepts said appointment, the corporation shall have and possess all the rights, powers and privileges provided by the laws of this state with respect to the director of the department of finance acting as receiver or liquidator of a banking institution, and be subject to all the duties of such receiver or liquidator, except insofar as such rights, powers, privileges or duties are in conflict with the provisions of subsection (1) of section 12B of the Federal Reserve Act, as amended (section 8 of the "Banking Act of 1933").
The corporation shall not, however, without the consent of the director of the department of finance, continue to act as receiver or liquidator of any banking institution after the amount of the insured deposit liability of such banking institution, paid or assumed by the corporation, and the costs of liquidation paid or assumed by it have been repaid it, or after funds are available therefor.
History:
[26-1011, added 1979, ch. 41, sec. 2, p. 106.]
Structure Idaho Code
Chapter 10 - CLOSING AND LIQUIDATION OF BANKS
Section 26-1001 - GROUNDS FOR CLOSING BANK.
Section 26-1002 - PENALTY FOR CLOSING BANK WITH CRIMINAL INTENT.
Section 26-1003 - RECEIVING DEPOSITS WHEN INSOLVENT.
Section 26-1004 - BANK MAY BE PLACED IN DIRECTOR’S POSSESSION.
Section 26-1005 - EFFECT OF POSTING NOTICE.
Section 26-1006 - TAKING POSSESSION OF BANK — NOTICE.
Section 26-1007 - RESUMPTION AFTER CLOSING.
Section 26-1008 - POWERS OF DIRECTOR ON CLOSING BANK.
Section 26-1009 - RECOURSE OF AGGRIEVED BANK.
Section 26-1010 - DIRECTOR MAY APPOINT AGENTS.
Section 26-1011 - FEDERAL DEPOSIT INSURANCE CORPORATION — RIGHT TO ACT AS RECEIVER OR LIQUIDATOR.
Section 26-1015 - ENFORCEMENT OF INDIVIDUAL LIABILITY OF DIRECTORS OF CLOSED BANK.
Section 26-1016 - NOTICE TO CREDITORS OF INSOLVENT BANK.
Section 26-1017 - CLAIMS — ALLOWANCE AND REJECTION.
Section 26-1018 - PAYMENT OF CLAIMS.
Section 26-1019 - CLAIMS — ORDER OF PAYMENT — PRIORITIES.
Section 26-1021 - STATEMENT OF CONDITION.
Section 26-1022 - DEPOSIT OF FUNDS IN DIRECTOR’S HANDS.
Section 26-1023 - DISPOSITION OF UNCLAIMED FUNDS.
Section 26-1024 - DISPOSITION OF ASSETS REMAINING AFTER PAYMENT OF CLAIMS.
Section 26-1025 - BORROWING MONEY TO FACILITATE LIQUIDATION OR REOPENING OF BANK.