9-1304. Closed banks may borrow from or sell to federal insurance corporations. - Kansas Statutes

9-1304

Chapter 9.--BANKS AND BANKING; TRUST COMPANIES Article 13.--BANKING CODE; DEPOSIT INSURANCE AND BONDS

      9-1304.   Closed banks may borrow from or sell to federal insurance corporations. The commissioner or the receiver or liquidator, or the board of directors of any bank which may be closed because of its inability to meet the demands of its depositors may borrow from the federal deposit insurance corporation or its successor, and pledge any part or all of its assets as security, whether such bank is insolvent or not, except that all such loans first must have the approval of the commissioner. The assets, or any portion thereof, of any bank which may close because of its inability to meet the demands of its depositors may be sold to the federal deposit insurance corporation or its successor upon such terms and conditions as the commissioner shall approve. If the insurance corporation is acting as receiver or liquidator for such bank, then the approval of the district court of the county wherein the bank is located first must be obtained for any such sale. Nothing contained in this section shall limit the power of any bank, the commissioner or receiver or liquidator thereof to pledge or sell any assets in accordance with other provisions of this act and existing laws.

      History:   L. 1947, ch. 102, § 62; L. 1989, ch. 48, § 40; July 1.