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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.)