A. Liquidation by F.D.I.C. The Federal Deposit Insurance Corporation is hereby authorized and empowered to be and act without bond as liquidating agent of any banking institution closed by the State Banking Commissioner, the deposits in which are to any extent insured by the Corporation.

B. Commissioner may tender to F.D.I.C. as liquidator. The Commissioner may in the event of such closing upon order of the Board tender to the Corporation the appointment as liquidator of such banking institution.

C. Appointment of F.D.I.C. as liquidator - Acceptance. Upon being notified in writing of the acceptance of such an appointment, the Commissioner shall forthwith file in the office of the clerk and recorder in the county in which the bank is situated a certificate evidencing the appointment of the Federal Deposit Insurance Corporation. Upon the filing of such certificate the possession of all the assets, business and property of such bank of every kind and nature wheresoever situated shall be deemed transferred from such bank and the Commissioner to the Federal Deposit Insurance Corporation including any securities pledged by the bank to the Commissioner pursuant to Section 1004 of this title. Without the execution of any instruments of conveyance, assignment, transfer or endorsement, the title to all such assets and property shall be vested in the Federal Deposit Insurance Corporation and the Commissioner shall be forever thereafter relieved from any and all responsibility and liability in respect to the possession and liquidation of such bank.

D. Powers of F.D.I.C. as liquidator. If the Corporation accepts the appointment, it shall have and possess all the powers and privileges provided by the laws of this state with respect to the liquidation of a bank and with respect to its depositors and other creditors and shall proceed in liquidation under this title as if it were the Commissioner and shall act in the Commissioner's stead and be substituted therefor in all actions brought pursuant to Section 1018 of this title.

E. Priority of Claims for F.D.I.C. If the Corporation serves as the liquidating agent of any national bank the principal office of which is located in Oklahoma, it shall be bound by the priority of claims established in subsection K of Section 1204 of this title.

F. Individual liability of directors. Among its other powers, the Federal Deposit Insurance Corporation, in the performance of its powers and duties as such liquidator, shall have the right and power, upon the order of a court of record of competent jurisdiction, to enforce the individual liability of the directors of any such banking institution.

Historical Data

Added by Laws 1965, SB 1, c. 161, § 1205; Amended by Laws 1983, SB 95, c. 131, § 2, eff. November 1, 1983; Amended by Laws 1988, SB 501, c. 166, § 10, emerg. eff. May 24, 1988; Amended by Laws 1997, HB 2173, c. 111, § 95, emerg. eff. July 1, 1997 (superseded document available); Amended by Laws 2010, HB 2779, c. 62, § 9, emerg. eff. April 9, 2010 (superseded document available).