If at any time the state comptroller shall be of the opinion that a bank is insolvent, or that its condition is such that a further continuance of its business is hazardous to its creditors, depositors, or the public, or is unable to meet its obligations in the ordinary course of business, he shall close said bank and proceed as provided in this chapter.
Miss. Code Ann. § 81-9-5
Closing insolvent banks
Applied in 3 court decisions — leading case 514 So. 2d 315 - Touche Ross & Co. v. Commercial Union Ins. Co. (1987)
Most recently applied in 823 F. Supp. 1341 - Federal Deposit Ins. v. Brewer (April 1993)
Codes, 1942, § 5240; Laws, 1934, ch. 146.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.