Virginia Code 6.2-927: Transfer of title to bank assets.
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Upon the appointment of the FDIC as receiver, title to all assets of the bank shall vest in the FDIC without the execution of any instruments of conveyance, assignment, transfer, or endorsement.
Terms Used In Virginia Code 6.2-927
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means any bank or trust company organized under the laws of the Commonwealth. See Virginia Code 6.2-925
- FDIC: means the Federal Deposit Insurance Corporation. See Virginia Code 6.2-800
1983, c. 507, § 6.1-110.3; 2010, c. 794.