524.1310 - INVOLUNTARY DISSOLUTION AFTER COMMENCEMENT OF BUSINESS -- SUPERINTENDENT AS RECEIVER. - Iowa Statutes

524.1310 INVOLUNTARY DISSOLUTION AFTER COMMENCEMENT OF BUSINESS -- SUPERINTENDENT AS RECEIVER. In a situation in which the superintendent has required, in accordance with section 524.226, that the state bank cease to carry on its business, the superintendent shall apply to the district court for the county in which the state bank is located for appointment as receiver for the state bank. The district court shall appoint the superintendent as receiver unless the superintendent has tendered the appointment to the federal deposit insurance corporation as provided for in section 524.1313, in which case the district court shall appoint the federal deposit insurance corporation as receiver. The affairs of the state bank shall thereafter be under the direction of the district court, and the assets of the state bank shall be distributed in accordance with section 524.1312. All amounts due creditors and shareholders described in section 490.1440 shall be deposited with the treasurer of state in accordance with that section. Such amounts shall be retained by the treasurer of state and subject to claim in the manner provided for in section 490.1440. Amounts due to depositors who are unknown, or who are under a disability and there is no person legally competent to receive the amount, or who cannot be found after the exercise of reasonable diligence, shall be transmitted to the treasurer of state in the manner required by section 524.1305, subsection 6. Such property shall be treated as abandoned, retained by the treasurer of state, and is subject to claim, in the manner provided for in sections 556.14 to 556.21. The attorney general, or assistants appointed by the court, shall represent the superintendent in all proceedings connected with the receivership.          Section History: Early Form [C73, § 1572; C97, § 1877; C24, 27, 31, § 9239, 9240, 9242; C35, § 9154-f3, 9239, 9240, 9242; C39, § 9154.03, 9239, 9240, 9242, 9283.35, 9283.36; C46, 50, 54, 58, 62, 66, § 524.30, 528.33, 528.41, 528.43, 528.120, 528.121; C71, 73, 75, 77, 79, 81, § 524.1310]          Section History: Recent Form 90 Acts, ch 1205, §44 Referred to in § 524.1305, 524.1311