The director may appoint the Federal Deposit Insurance Corporation as liquidating agent of any banking corporation insured thereby of which he has duly taken possession under any provision of this chapter, and the Federal Deposit Insurance Corporation as liquidating agent shall thereupon be vested with both legal and equitable title to all the assets, rights, claims and other real and personal property of the closed bank. The Federal Deposit Insurance Corporation as liquidating agent shall have power to perform all acts of the director in the liquidation of the closed bank.
Mo. Rev. Stat. § 361.365
Director may appoint the Federal Deposit Insurance Corporation as..
Known as the Money Transmission Modernization Act
The act spans §§ 361–361 (125 sections).
Applied in 1 court decision — leading case 835 F. Supp. 503 - Gustin v. Federal Deposit Insurance (1993)
Most recently applied in 835 F. Supp. 503 - Gustin v. Federal Deposit Insurance (October 1993)
Effective: 28 Aug 2005; (L. 1977 S.B. 420, A.L. 2005 H.B. 707)
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.