Upon the appointment of a receiver to liquidate a bank, the possession of and title to all assets, business and property of such bank of every kind and nature shall pass to and vest in the receiver without the execution of any instruments of conveyance, assignment, transfer or endorsement.
Ala. Code § 5-8A-25
Passage of Title to Assets, Etc., of Banking Institution to Receiver.
(Acts 1980, No. 80-658, §5-8-25.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.