Upon the acceptance of the appointment as receiver or liquidator as aforesaid by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall, with the consent of the Commissioner of Banking, pass to and vest in the Corporation.
S.C. Code Ann. § 34-3-640
Assets pass to Federal Deposit Insurance Corporation on appointment as receiver of liquidator
1962 Code SECTION 8-274; 1952 Code SECTION 8-274; 1942 Code SECTION 7837; 1935 (39) 482; 1934 (39) 1484.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.