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KRS 286.3-866

Sale of assets by receiver -- Borrowing from FDIC by receiver

Effective: July 13, 1984 History: Created 1984 Ky

The receiver may, with ex parte approval of the receivership court, sell all or any part of the bank's assets to another state or national bank or to the FDIC, provided that the effect of such sale shall not be to prefer one (1) or more members of a class of creditors, including uninsured deposit liabilities, over other members of the same class of creditors as set forth in KRS 286.3-870. In like manner the receiver may borrow from the FDIC any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing bank, assigning any part or all of the assets of the bank as security for such loan.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.