Virginia Code 6.2-930: Emergency sale of assets.
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The FDIC as receiver, with ex parte approval of the receivership court, may sell all or any part of the closed bank‘s assets. All or any part of such assets may be sold to the Federal Deposit Insurance Corporation in its capacity as a corporation. The FDIC as receiver may also borrow from the FDIC, in its corporate capacity, any amount necessary to facilitate the assumption of deposit liabilities by an existing bank or a newly chartered bank, and may assign any part or all of the assets of the closed bank as security for such loan.
Terms Used In Virginia Code 6.2-930
- 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
- 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.
- Corporation: means the Federal Deposit Insurance Corporation. See Virginia Code 6.2-925
- FDIC: means the Federal Deposit Insurance Corporation. See Virginia Code 6.2-800
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Receivership court: means the circuit court that appoints a receiver for a bank pursuant to this article. See Virginia Code 6.2-925
1983, c. 507, § 6.1-110.6; 2010, c. 794.