Chapter 8 — BANKS AND BANKING
750 sections in this chapter.
Neb. Rev. Stat. § 8-3104 Recommended benchmark replacement; selection or use; effects; treatment; not subject to liability or certain claims.
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(1) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of section 8-3103 shall constitute: (a) A commercially reasonable replacement for and a commercially substantial equi…
Neb. Rev. Stat. § 8-311 Stock; withdrawals by borrowing members; funds applicable.
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Withdrawals by a borrowing member from credits on stock pledged as security in connection with a real estate loan made by the association shall be permitted only at the discretion of the association, and if the association is delayed in meeting payments to withdrawing members due…
Neb. Rev. Stat. § 8-312 Stock; enforcement of withdrawals by directors.
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If the association has funds applicable for withdrawals and more than needed to retire the shares of members who have given written notice of an intention to withdraw, the directors may, if in their discretion it shall be for the best interests of the association, retire any unpl…
Neb. Rev. Stat. § 8-313 Stock; enforced withdrawal; time; notice of intention.
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Such retirements, if made, shall be made immediately after a period fixed by the bylaws of the association for the declaration and payment of dividends of earnings, and the association shall, at least sixty days before so retiring any shares, send written notice to each person sh…
Neb. Rev. Stat. § 8-314 Stock; enforced withdrawal; notice of intention; contents.
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The association shall without delay, upon so retiring shares by order of its board of directors, send a written notice to each person shown by the books of the association to be an owner of shares thus retired, mailed to such person's last-known address, which notice shall contai…
Neb. Rev. Stat. § 8-315 Loans; prepayment; required provisions; procedure.
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The bylaws shall also contain equitable provisions permitting the payment of loans before maturity, as follows: The borrower shall be charged with the full amount of his loan, together with all arrearages due thereon or on the shares pledged, or appertaining to the security given…
Neb. Rev. Stat. § 8-316 Loans; delinquency; required provisions; association's rights; computation of balance due.
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The bylaws shall further provide that if any member has become delinquent in his payment on any shares pledged for the security of any loan from the association, which delinquency shall include delinquent real estate taxes both regular or special irrespective of whether paid by t…
Neb. Rev. Stat. § 8-317 Certificates of stock; records; payments; matured stock; right to withdraw.
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Certificates of stock or other written evidence thereof shall be issued for each account in conformity with sections 8-301 to 8-340.01 and the bylaws. Every stockholder shall receive credit on the books of the association for all amounts paid by the stockholder upon the stockhold…
Neb. Rev. Stat. § 8-318 Stock; share account; deposits; withdrawal methods authorized; investments by fiduciaries; rights; retirement plan, investments; building and loan association as trustee or custodian; powers and duties.
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(1)(a) Shares of stock in any association, or in any federal savings and loan association incorporated under the provisions of the federal Home Owners' Loan Act, with its principal office and place of business in this state, may be subscribed for, held, transferred, surrendered, …
Neb. Rev. Stat. § 8-319 Loans; restricted to members; secured and unsecured; purposes; limit; parity with federal associations; security; participation in other loans; exceptions; educational loans.
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(1) No loan shall be made by such association except to its own members, and no loan shall be made to any member for any sum in excess of the par value of his or her stock. The borrower shall pledge to the association, as security for the loan, shares of a maturity value equal to…
Neb. Rev. Stat. § 8-320 Reserve funds; idle funds; investments authorized; deposit of funds in banks.
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Any association may invest its reserve fund for the payment of contingent losses, any reserve fund created to protect against any other contingency, and any portion of its idle funds, not immediately needed to carry on its proper functions, as follows: (1) In bonds, notes, warran…
Neb. Rev. Stat. § 8-320.01 Investments; service corporations.
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An association organized under the provisions of Chapter 8, article 3, may purchase, hold, and sell stock in any service corporation organized under the laws of the State of Nebraska whose stock is owned exclusively by building and loan associations whose operations are subject t…
Neb. Rev. Stat. § 8-3201 Act, how cited.
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Sections 8-3201 to 8-3216 shall be known and may be cited as the Uniform Special Deposits Act.
Neb. Rev. Stat. § 8-3202 Definitions.
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In the Uniform Special Deposits Act: (1) Account agreement means an agreement that: (A) is in a record between a financial institution and one or more depositors; (B) may have one or more beneficiaries as additional parties; and (C) states the intention of the parties to establis…
Neb. Rev. Stat. § 8-3203 Scope; choice of law; forum.
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(a) The Uniform Special Deposits Act applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by the act, regardless of whether a party to the account agreement or a transaction related to the special…
Neb. Rev. Stat. § 8-3204 Variation by agreement or amendment.
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(a) The effect of sections 8-3202 to 8-3206, 8-3208 to 8-3211, and 8-3214 may not be varied by agreement, except as provided in those sections. Subject to subsection (b), the effect of sections 8-3207, 8-3212, and 8-3213 may be varied by agreement. (b) A provision in an account a…
Neb. Rev. Stat. § 8-3205 Requirements for special deposit.
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A deposit is a special deposit if it is: (1) a deposit of funds in a financial institution under an account agreement; (2) for the benefit of at least two beneficiaries, one or more of which may be a depositor; (3) denominated in a medium of exchange that is currently authorized …
Neb. Rev. Stat. § 8-3206 Permissible purpose.
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(a) A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit. (b) If, before termination of the special deposit, the financial insti…
Neb. Rev. Stat. § 8-3207 Payment to beneficiary by financial institution.
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(a) Unless the account agreement provides otherwise, the financial institution is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. (b) Except as provided in subsection (c), the obligation to pay the…
Neb. Rev. Stat. § 8-3208 Property interest of depositor or beneficiary.
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(a) Neither a depositor nor a beneficiary has a property interest in a special deposit. (b) Any property interest with respect to a special deposit is only in the right to receive payment if the financial institution is obligated to pay a beneficiary and not in the special deposi…
Neb. Rev. Stat. § 8-3209 When creditor process enforceable against financial institution.
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(a) Subject to subsection (b), creditor process with respect to a special deposit is not enforceable against the financial institution holding the special deposit. (b) Creditor process is enforceable against the financial institution holding a special deposit with respect to an a…
Neb. Rev. Stat. § 8-321 Loans; evidence of indebtedness; form; parity with federal associations.
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No evidence of indebtedness taken by said association for the return of any loan shall be negotiable in form, and whatever be its form, every such evidence of indebtedness shall be nonnegotiable in law, except as hereinafter provided, and no such debt or evidence of debt shall be…
Neb. Rev. Stat. § 8-3210 Injunction or similar relief.
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A court may enjoin, or grant similar relief that would have the effect of enjoining, a financial institution from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit.
Neb. Rev. Stat. § 8-3211 Recoupment or set off.
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(a) Except as provided in subsection (b) or (c), a financial institution may not exercise a right of recoupment or set off against a special deposit. (b) An account agreement may authorize the financial institution to debit the special deposit: (1) when the financial institution …
Neb. Rev. Stat. § 8-3212 Duties and liability of financial institution.
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(a) A financial institution does not have a fiduciary duty to any person with respect to a special deposit. (b) When the financial institution holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the financial institution…
Neb. Rev. Stat. § 8-3213 Term and termination.
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(a) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded. (b) Unless otherwise provided in the account agreement, if the financial institution cannot identify or locate a beneficiary entitl…
Neb. Rev. Stat. § 8-3214 Principles of law and equity.
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The Uniform Commercial Code, consumer protection law, law governing deposits generally, law related to escheat and abandoned or unclaimed property, and the principles of law and equity, including law related to capacity to contract, principal and agent, estoppel, fraud, misrepres…
Neb. Rev. Stat. § 8-3215 Uniformity of application and construction.
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In applying and construing the Uniform Special Deposits Act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it.
Neb. Rev. Stat. § 8-3216 Transitional provision.
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The Uniform Special Deposits Act applies to: (1) a special deposit made under an account agreement executed on or after September 3, 2025; and (2) a deposit made under an agreement executed before September 3, 2025, if: (A) all parties entitled to amend the agreement agree to mak…
Neb. Rev. Stat. § 8-322 Membership in Federal Home Loan Bank authorized; power to utilize federal agencies; power to obtain advances; use of funds.
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Any building and loan association is hereby authorized (1) to subscribe for the stock of and to become a member of the Federal Home Loan Bank for the district in which it may be located or for the stock of a Federal Home Loan Bank of an adjoining district if demanded by convenien…
Neb. Rev. Stat. § 8-323 Mortgages; assignment to Home Owners' Loan Corporation authorized; condition.
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Any building and loan association is hereby authorized, with the approval of its board of directors, to assign its mortgages and the evidence of debt secured thereby to the Home Owners' Loan Corporation created by act of Congress of the United States under the act cited as the Ho…
Neb. Rev. Stat. § 8-324 Stock; availability for purchase of real estate or payment of loan.
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Any association, at the discretion of its officers and directors, and with the consent and approval of the Department of Banking and Finance, may accept its stock at the withdrawal value of such shares, to apply on the purchase at its fair market value, of any real estate owned b…
Neb. Rev. Stat. § 8-325 Real estate; acquisition and disposal; powers; limitations.
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Such association may purchase, hold, lease and convey real estate or stock for the following purposes and no others: (1) Such real estate as it may need to occupy as a place of business; (2) Such as shall in good faith be conveyed to it in satisfaction of debts contracted in the …
Neb. Rev. Stat. § 8-326 Reserve fund; requirements; replenishment; increase; reduction; division for federal tax purposes; special increase; approval by department.
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Every association organized under the laws of this state for the purposes set forth in section 8-302, except such associations as are conducted upon the serial plan and in which the various series are operated wholly separate and distinct from each other, shall provide a reserve …
Neb. Rev. Stat. § 8-327 Dividends; how and when paid.
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Every association of the character defined in section 8-326, shall be required, at least annually, to transfer the residue of earnings, after paying expenses and setting aside a sum for the reserve funds as herein provided, as a dividend to members holding share accounts. All suc…
Neb. Rev. Stat. § 8-328 Records; requirements.
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(1) Complete and adequate records of all accounts and of all minutes of proceedings of the members, directors and executive committee shall be maintained at all times at the office of the association. Records may be kept by hand, mechanical or electronic means. (2) Every associat…
Neb. Rev. Stat. § 8-329 Taxation; real estate.
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The real estate of such associations shall be subject to taxation in the same manner as provided by law in the case of other corporations and individuals.
Neb. Rev. Stat. § 8-330 Loans; charges authorized; statement; interest rate.
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Every association may require borrowing members to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting, or renewing of real estate loans. Such expenses may include abstract, recording, and registration fees, title examin…
Neb. Rev. Stat. § 8-331 Articles of incorporation; bylaws; filing; certificate of approval; application; contents; approval by Department of Banking and Finance.
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Every association shall adopt articles of incorporation and bylaws. A copy of the articles of incorporation and bylaws of every such association shall be filed in the office of the Department of Banking and Finance, together with an application for a certificate of approval and p…
Neb. Rev. Stat. § 8-332 Annual statement; publication; special reports; violation; penalty.
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Every such association shall, at the close of business on June 30 of each year and at such other times as required by the Department of Banking and Finance, file in the office of the department, within thirty days after the receipt of a request for a requisition therefor, a state…
Neb. Rev. Stat. § 8-333 False statement or book entry; penalty.
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Every person who shall willfully or knowingly subscribe, or make, or cause to be made, any false statement or any false entries in any book of any association organized for the purpose set forth in section 8-302, or exhibit any false paper with the intent to deceive any person au…
Neb. Rev. Stat. § 8-334 Liquidation; insolvency; powers and duties of Department of Banking and Finance; writs of assistance.
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Whenever it appears to the Department of Banking and Finance that the assets of any association or corporation organized under the laws of this state for the purpose set forth in section 8-302 do not equal the liabilities, that it is conducting its business in an unsafe or unauth…
Neb. Rev. Stat. § 8-335 Liquidation; insolvency; special shareholders' meeting; report of department.
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The Department of Banking and Finance shall, within ten days next after acquiring possession of such association, convene a special meeting of the shareholders. Notice of such special meeting shall be given by publication in a newspaper of general circulation in the county where …
Neb. Rev. Stat. § 8-336 Liquidation; insolvency; inventory; collection of assets; expenses.
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The Department of Banking and Finance, or any person authorized by it, shall, after having taken possession of the association under section 8-334, and pending the further proceedings specified in sections 8-301 to 8-340.01, prepare, or have prepared, a full and true exhibit of t…
Neb. Rev. Stat. § 8-337 Insolvency; reorganization; surrender of assets by Department of Banking and Finance.
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If at the special meeting of the shareholders they shall vote to reorganize such association, the Department of Banking and Finance, upon the consummation of the reorganization thereof, and the approval of the department, shall turn over to the new management all the books, paper…
Neb. Rev. Stat. § 8-338 Voluntary liquidation; disposition of payments, other property; duty of Department of Banking and Finance.
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If at the special meeting of the shareholders they shall vote to go into voluntary liquidation or to otherwise close up or discontinue the business of such association, the Department of Banking and Finance shall return to the shareholders all monthly payments and other payments …
Neb. Rev. Stat. § 8-339 Involuntary liquidation; duty of Department of Banking and Finance.
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If the Department of Banking and Finance after having called a meeting of the shareholders as herein provided, shall find that the association cannot be reorganized or that voluntary liquidation by the shareholders cannot be had or consummated, the department shall take charge of…
Neb. Rev. Stat. § 8-340 Rules and regulations.
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The Department of Banking and Finance has power to make such rules and regulations for the government of all associations of the character defined in sections 8-301 to 8-340.01 as may, in its judgment, seem wise and expedient.
Neb. Rev. Stat. § 8-340.01 Executive officers and employees; bonding requirements.
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Each and every executive officer and such other employees as the Department of Banking and Finance deems necessary of each building and loan association shall execute to such association and to the State of Nebraska, jointly, a corporate surety bond in an amount fixed by the depa…
Repealed. Laws 1949, c. 9, § 2.
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[Repealed or reserved.]