Sec. 7. The receiver may, with ex parte approval of the receivership court, sell all or any part of the financial institution's assets to another state or federally chartered financial institution or to a federal deposit insurance agency acting in its corporate capacity. The Federal Deposit Insurance Corporation is not required to seek ex parte approval of the receivership court. The receiver may also borrow from a federal deposit insurance agency any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing state or federally chartered financial institution, assigning any part or all of the assets of the financial institution as security for the loan.
Ind. Code § 28-1-3.1-7
Receiver's authority to sell assets; borrowing of money for deposit liabilities
Known as the The Indiana Financial Institutions Act
The act spans §§ 28-1-1-1 to 28-1-9-9 (499 sections).
As added by P.L.141-1984, SEC.2
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.