Title 26 — BANKS AND BANKING

26-1001. Grounds for closing bank. Whenever it shall appear to the department of finance that: (1) Any bank has violated its charter or any law of this state; or (2) Has violated any general rule or regulation of the director, made in accordance with law, or any special lawful or…

26-1002. Penalty for closing bank with criminal intent. If the director of the department of finance or official in the department of finance, shall, as a result of malice or for personal gain, declare any bank insolvent, he shall, upon conviction thereof be subject to punishment…

26-1003. Receiving deposits when insolvent. The owners or officers of any bank or trust company who shall receive any deposits, knowing that such bank or trust company is insolvent, shall be guilty of a felony and punished, upon conviction thereof, by a fine not exceeding one tho…

26-1004. Bank may be placed in director’s possession. Any bank may place its affairs and assets under the control and in the possession of the director after oral or written notice to the director by posting a notice on the front door of such bank, indicating that said bank is in…

26-1005. Effect of posting notice. The posting of such notice by the directors of any bank, or of a like notice signed by the director, shall be sufficient to place all assets and property of such bank, of whatever nature and wherever situate, in possession of the director, and s…

26-1006. Taking possession of bank — Notice. On taking possession of the assets and business of the bank, the director shall, in addition to posting notice thereof, on the front door of such bank, as aforesaid, also notify personally or by telephone or mail or by public announcem…

26-1007. Resumption after closing. After the director has taken possession of any bank, he may permit such bank to resume business upon such conditions as may be approved by him.

26-1008. Powers of director on closing bank. Upon taking the assets and business of any bank into his possession, the director is authorized to collect all moneys due to such bank, assess the stock of such bank, and to do such other acts as are necessary to conserve its assets an…

26-1009. Recourse of aggrieved bank. Any bank deeming itself aggrieved by the action of the director in taking possession of its assets or closing its doors may, within ten (10) days after such possession shall have been taken, apply to the district court of the county in which i…

26-1010. Director may appoint agents. The director may, under his hand and seal, appoint and authorize an agent to assist him or act for him in the performance of any powers or duties hereunder, the certificate of appointment to be filed in the office of said director, and a cert…

26-1011. Federal Deposit Insurance Corporation — Right to act as receiver or liquidator. The Federal Deposit Insurance Corporation created by section 8 of the federal "Banking Act of 1933" (section 12B of the Federal Reserve Act, as amended) is hereby authorized and empowered to …

26-1012. Closed bank — Federal Deposit Insurance Corporation furnishing funds for payment of insured deposit liabilities — Subrogation. Whenever any banking institution shall have been closed as aforesaid, and said Federal Deposit Insurance Corporation shall pay or make available…

26-1013. Closed banks — Pledge or sale of assets by director or liquidator to Federal Deposit Insurance Corporation — Court order. With respect to any banking institution, which is now or may hereafter be closed on account of inability to meet the demands of its depositors or by …

26-1014. Federal Deposit Insurance Corporation acting as liquidator — Possession and control of assets and business of bank. Upon the acceptance of the appointment of receiver or liquidator aforesaid by said corporation, and during its continuance as such receiver or liquidator, …

26-1015. Enforcement of individual liability of directors of closed bank. Among its other powers, said corporation, in the performance of its powers and duties as such receiver or liquidator, when acting as such in lieu of the director of the department of finance, shall have the…

26-1016. Notice to creditors of insolvent bank. The director shall cause notice to be given by advertisement in a newspaper of general circulation in the town or city in which said bank is situated, if there be one, and if not, then in such other newspaper published in the state …

26-1017. Claims — Allowance and rejection. The director shall reject or allow all claims in (the) whole or in part, and on each claim allowed shall designate the order of its priority. If a claim is rejected or an order of priority allowed lower than that claimed, notice shall be…

26-1018. Payment of claims. Claims presented to the director prior to the expiration of the time fixed in the notice to creditors therefor, and allowed by him, shall be paid in the order of priority hereinafter fixed. Those filed after such expiration and prior to one (1) year th…

26-1019. Claims — Order of payment — Priorities. The order of payment of the debts of a bank liquidated by the director shall be as follows: (1) The expense of liquidation, including compensation of agents, employees and attorneys. (2) All funds held by bank in trust. (3) Debts d…

26-1020. Partial payment of claims — Calculation of dividends — Assignment of claims — Checks against closed bank. The director need not await the expiration of the time allowed for filing claims, as fixed in the notice to the creditors, for the payment of dividends, but he may, …

26-1021. Statement of condition. The director of the department of finance shall, within sixty (60) days after taking possession of any bank or trust company under the provisions of this chapter and at intervals of every six (6) months thereafter during the liquidation thereof an…

26-1022. Deposit of funds in director’s hands. All funds in the hands of the director belonging to any bank in process of liquidation shall be deposited in his name as director in such banks within the state as may be selected and designated by him and subject to his checks as di…

26-1023. Disposition of unclaimed funds. The director shall certify to the treasurer of the state a complete list of funds remaining in his hands uncalled for, which have been left in his hands in his official capacity, in trust for depositors in and creditors of any liquidated b…

26-1024. Disposition of assets remaining after payment of claims. Whenever the director has paid to each and every depositor and creditor of such bank whose claims shall have been duly approved and allowed as herein provided, the full amount thereof, and shall have made provision…

26-1025. Borrowing money to facilitate liquidation or reopening of bank. The director of the department of finance, when he deems it to be for the best interest of the depositors of any closed bank, shall be and hereby is authorized and empowered in his official capacity, without…

26-1026. Reopening of bank — Unsecured depositors and creditors — Acceptance of plan — Certificate of approval. Whenever the director of the department of finance believes it to be for the best interest of the unsecured depositors and creditors of any bank that any proposed plan …

26-1027. Public funds on deposit — Joinder of official in plan — Bonds securing deposits unaffected. Public officers and governing boards having control of public funds on deposit in any such bank are authorized to join in any plan approved as provided in section 26-1026, Idaho C…