North Dakota Code 6-07.2-06 – Sale of assets – Assumptions of deposit liabilities by new institution
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The receiver may sell all or any part of the institution’s assets to one or more other state or federally chartered depository institution or to a federal deposit insurance agency in the receiver’s corporate capacity. The receiver may also borrow from a federal deposit insurance agency an amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing state or federally chartered depository institution, assigning any part or all of the assets of the institution as security for the loan.
Terms Used In North Dakota Code 6-07.2-06
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49