Louisiana Revised Statutes 6:391 – Commencement of receivership; confirmation of receiver
Terms Used In Louisiana Revised Statutes 6:391
- Conservator: means the commissioner or his designee. See Louisiana Revised Statutes 6:381
- FDIC: means the Federal Deposit Insurance Corporation, and includes any successor to the corporation or other agency or instrumentality of the United States which may undertake to discharge the purposes of the corporation. See Louisiana Revised Statutes 6:381
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Receiver: means the person liquidating a state bank pursuant to Part II of this Subchapter. See Louisiana Revised Statutes 6:381
- Receivership court: means the district court for the parish in which the state bank is domiciled. See Louisiana Revised Statutes 6:381
A. If the conservator shall determine to liquidate the state bank, he shall file a motion for an order from the receivership court to close the bank and commence liquidation thereof. The motion shall name the receiver of the state bank, who shall be the conservator unless some other person is appointed by the commissioner. The receiver shall apply for and shall be entitled to an ex parte order of the receivership court confirming his appointment.
B. The commissioner shall appoint the FDIC receiver if any of the deposits of the state bank are insured by the FDIC. The FDIC shall not be required to post bond.
C. Upon confirmation, the receiver shall be vested with all the powers granted a conservator in Part I of this Subchapter.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.