Section 5-8A-24 Appointment of receiver to liquidate bank. - Alabama Statutes

Section 5-8A-24

Appointment of receiver to liquidate bank.

The superintendent may under his hand and official seal appoint a receiver to liquidate and distribute the assets of any bank taken possession of by the superintendent under the provisions of this chapter, the certificate of appointment to be filed in the office of the superintendent and a certified copy in the office of the probate judge in the county in which the principal office of such bank is located. The receiver may be the Federal Deposit Insurance Corporation or any other agency or corporation created by the United States to act in such capacity or any person selected by the superintendent; provided, however, no examiner shall be appointed receiver of any bank whose books, papers and affairs he shall have examined within one year next preceding the appointment of such receiver. Any receiver shall apply for and shall be entitled to an ex parte order confirming his appointment as receiver from the receivership court.

(Acts 1980, No. 80-658, §5-8-24.)