§19306. Federal deposit insurance corporation

Link to law: http://legislature.vermont.gov/statutes/section/08/209/19306
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

209

:
CONSERVATION, LIQUIDATION, AND INSOLVENCY






Subchapter

003
:
RECEIVERSHIP AND DISSOLUTION










 

§

19306. Federal deposit insurance corporation

If the Federal

Deposit Insurance Corporation shall have been appointed receiver of a closed

Vermont financial institution, it may advance, with the consent and approval of

the Superior judge, monies to pay insured deposits or for other proper purposes

and shall have a lien upon all or any part of the assets of such financial

institution as the Court may direct for the repayment of such advances, which

shall be deemed to be in the nature of a loan, but provision shall be made in

such order to secure ultimately as large a percentage payment on account of

uninsured deposits as would be finally available for such deposits if such

assets were not so pledged. The Federal Deposit Insurance Corporation, whether

or not acting as receiver, may become the purchaser of any assets of such

Vermont financial institution which have been offered for public bids, under

such terms and conditions as the Superior judge may direct, provided that the

purchase be approved by the Superior judge after hearing held on such

reasonable notice by publication or otherwise as the Superior judge may direct.

(Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
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