South Carolina Code 34-3-640. Assets pass to Federal Deposit Insurance Corporation on appointment as receiver of liquidator
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Terms Used In South Carolina Code 34-3-640
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- banking institution: as used in this article shall be construed to mean any bank, trust company, bank and trust company, stock savings bank, mutual savings bank or cash depository which is now or may hereafter be organized under the laws of this State. See South Carolina Code 34-3-610
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Upon the acceptance of the appointment as receiver or liquidator as aforesaid by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall, with the consent of the Commissioner of Banking, pass to and vest in the Corporation.