6.2-930 - (Effective October 1, 2010) Emergency sale of assets. - Virginia Statutes

§ 6.2-930. (Effective October 1, 2010) Emergency sale of assets.

The FDIC as receiver, with ex parte approval of the receivership court, maysell all or any part of the closed bank's assets. All or any part of suchassets may be sold to the Federal Deposit Insurance Corporation in itscapacity as a corporation. The FDIC as receiver may also borrow from theFDIC, in its corporate capacity, any amount necessary to facilitate theassumption of deposit liabilities by an existing bank or a newly charteredbank, and may assign any part or all of the assets of the closed bank assecurity for such loan.

(1983, c. 507, § 6.1-110.6; 2010, c. 794.)