Title 6 — Banks and Banking

1. The commissioner may take possession of the business and property of an institution the commissioner supervises if it appears to the commissioner that any of the following conditions exist: a. The directors or officers of the institution, or the liquidators of the institution …

If the commissioner has taken possession of the business and property of an institution under the provisions of section 6-07.2-01, the commissioner shall hold possession of the business and property until the affairs of the institution have been finally liquidated as provided in …

1. Immediately upon taking possession of the business and property of an institution under section 6-07.2-01, the commissioner shall give notice by: a. Causing the notice to be served upon the president or other executive officer in charge of the business of the institution; b. C…

The receiver of a closed institution may do the following: 1. Take possession of all books, records, and assets of the institution. 2. Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate the asset…

The receiver may sell all or any part of the institution's assets to one or more other state or federally chartered depository institution or to a federal deposit insurance agency in the receiver's corporate capacity. The receiver may also borrow from a federal deposit insurance …

A claim filed after the one hundred eighty-day claim period prescribed by section 6-07.2-07 and subsequently accepted by the receiver is entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the cla…

1. All claims against the institution's estate, proved to the receiver's satisfaction or approved by the circuit court, must be paid in the following order: a. Administration expenses, including compensation of each regular officer or employee of the receiver for the time actuall…

1. Within one hundred eighty days after the date the commissioner has taken possession, the receiver may reject: a. An executory contract to which the closed institution is a party without any further liability to the closed institution or the receiver; and b. An obligation of th…

If a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed institution, the federal deposit insurance agency, whether or not the federal deposit insurance agency acts as receiver, must be subrogated by operation of law to…

1. The receiver may appoint one or more successors to any or all of the rights, obligations, assets, deposits, agreements, and trusts held by the closed institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities. The app…

The receiver shall cause notice to be mailed to the last address of record to the owners of any personal property in the possession of or held by a closed institution for safekeeping, and to all lessees of safe deposit boxes. The notice must require the intended recipients to app…

If the proceedings described in this chapter have been completed, the receiver shall execute and file, in the manner provided in this section, articles of dissolution, setting forth the following information: 1. The name of the institution; 2. The place where the institution's ma…

1. The articles of dissolution must be executed in duplicate and presented in duplicate to the department of financial institutions. a. Upon presentation of the articles of dissolution, the commissioner shall endorse the commissioner's approval upon each of the duplicate copies o…

1. If upon the examination or investigation of an institution regulated by the commissioner, the commissioner determines the laws are not being fully observed, that any irregularities are being practiced, or that the institution's capital has been or is in danger of being impaire…

1. An application for approval to voluntarily liquidate the affairs of a bank must be submitted to the commissioner in the manner and form that the commissioner may prescribe, must include the information set forth in this section, and must contain such additional information the…

1. A credit union or cooperative financial institution may go into voluntary liquidation following a vote of the majority of the board of directors and approval by the majority of its members in writing or by a vote in favor of the liquidation by a majority of the members of the …