1157.26 [Effective Until 9/13/2010] Transfer of liquidation from superintendent to association.
The superintendent of building and loan associations may, at any time after taking possession of the business and property of a domestic building and loan association under section 1157.01 of the Revised Code, transfer the further liquidation of the business and property of such association to the association, which shall conduct such further liquidation in the manner and with the effect provided by section 1157.23 of the Revised Code, except as otherwise expressly provided in this section. Such transfer shall be effected by the issuance of an order of like tenor to the order provided for in the first paragraph of section 1157.23 of the Revised Code, and the filing by the superintendent with the secretary of state of the certificate of dissolution provided for in such section. Immediately upon filing, the possession of all the assets of such association shall be deemed transferred from the superintendent to, and assumed by, such association, for the purpose of further liquidation, and such filing shall, without the execution or delivery of any instrument of conveyance, assignment, transfer, or indorsement, vest the title to all such assets in the association for such purpose. The superintendent shall forthwith, after such filing, file with the clerk of the court of common pleas of the county in which the liquidation proceedings are pending a notice to the effect that the further liquidation of such association has been transferred as provided in this section. Thereupon such proceedings shall be dismissed, subject to the payment of costs, but without prejudice to the jurisdiction of the court of common pleas of the county in which the principal office of such building and loan association is located, or a judge thereof in vacation, with respect to the further liquidation of such association, which is conferred upon such court or judge by section 1157.23 of the Revised Code.
The superintendent may, by order, prescribe and regulate all details of such transfer that are not fully provided for in this section.
If such order of transfer is issued more than seven days after the filing of notice by the superintendent under division (C) of section 1157.02 of the Revised Code, the provisions of section 1157.03 of the Revised Code relating to the remedy of the association shall be deemed exclusive and section 1157.29 of the Revised Code shall not apply.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.26, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.26 [Effective 9/13/2010] Federal deposit insurance corporation; subrogation of rights
Whenever the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of a savings and loan association, the federal deposit insurance corporation, whether or not it acts as receiver, shall be subrogated to the extent of the payments to all rights of depositors against the savings and loan association.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.26, effective until 9/13/2010.
1157.26 [Effective Until 9/13/2010] Transfer of liquidation from superintendent to association.
The superintendent of building and loan associations may, at any time after taking possession of the business and property of a domestic building and loan association under section 1157.01 of the Revised Code, transfer the further liquidation of the business and property of such association to the association, which shall conduct such further liquidation in the manner and with the effect provided by section 1157.23 of the Revised Code, except as otherwise expressly provided in this section. Such transfer shall be effected by the issuance of an order of like tenor to the order provided for in the first paragraph of section 1157.23 of the Revised Code, and the filing by the superintendent with the secretary of state of the certificate of dissolution provided for in such section. Immediately upon filing, the possession of all the assets of such association shall be deemed transferred from the superintendent to, and assumed by, such association, for the purpose of further liquidation, and such filing shall, without the execution or delivery of any instrument of conveyance, assignment, transfer, or indorsement, vest the title to all such assets in the association for such purpose. The superintendent shall forthwith, after such filing, file with the clerk of the court of common pleas of the county in which the liquidation proceedings are pending a notice to the effect that the further liquidation of such association has been transferred as provided in this section. Thereupon such proceedings shall be dismissed, subject to the payment of costs, but without prejudice to the jurisdiction of the court of common pleas of the county in which the principal office of such building and loan association is located, or a judge thereof in vacation, with respect to the further liquidation of such association, which is conferred upon such court or judge by section 1157.23 of the Revised Code.
The superintendent may, by order, prescribe and regulate all details of such transfer that are not fully provided for in this section.
If such order of transfer is issued more than seven days after the filing of notice by the superintendent under division (C) of section 1157.02 of the Revised Code, the provisions of section 1157.03 of the Revised Code relating to the remedy of the association shall be deemed exclusive and section 1157.29 of the Revised Code shall not apply.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.26, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.26 [Effective 9/13/2010] Federal deposit insurance corporation; subrogation of rights
Whenever the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of a savings and loan association, the federal deposit insurance corporation, whether or not it acts as receiver, shall be subrogated to the extent of the payments to all rights of depositors against the savings and loan association.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.26, effective until 9/13/2010.
1157.26 [Effective Until 9/13/2010] Transfer of liquidation from superintendent to association.
The superintendent of building and loan associations may, at any time after taking possession of the business and property of a domestic building and loan association under section 1157.01 of the Revised Code, transfer the further liquidation of the business and property of such association to the association, which shall conduct such further liquidation in the manner and with the effect provided by section 1157.23 of the Revised Code, except as otherwise expressly provided in this section. Such transfer shall be effected by the issuance of an order of like tenor to the order provided for in the first paragraph of section 1157.23 of the Revised Code, and the filing by the superintendent with the secretary of state of the certificate of dissolution provided for in such section. Immediately upon filing, the possession of all the assets of such association shall be deemed transferred from the superintendent to, and assumed by, such association, for the purpose of further liquidation, and such filing shall, without the execution or delivery of any instrument of conveyance, assignment, transfer, or indorsement, vest the title to all such assets in the association for such purpose. The superintendent shall forthwith, after such filing, file with the clerk of the court of common pleas of the county in which the liquidation proceedings are pending a notice to the effect that the further liquidation of such association has been transferred as provided in this section. Thereupon such proceedings shall be dismissed, subject to the payment of costs, but without prejudice to the jurisdiction of the court of common pleas of the county in which the principal office of such building and loan association is located, or a judge thereof in vacation, with respect to the further liquidation of such association, which is conferred upon such court or judge by section 1157.23 of the Revised Code.
The superintendent may, by order, prescribe and regulate all details of such transfer that are not fully provided for in this section.
If such order of transfer is issued more than seven days after the filing of notice by the superintendent under division (C) of section 1157.02 of the Revised Code, the provisions of section 1157.03 of the Revised Code relating to the remedy of the association shall be deemed exclusive and section 1157.29 of the Revised Code shall not apply.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.26, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.26 [Effective 9/13/2010] Federal deposit insurance corporation; subrogation of rights
Whenever the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of a savings and loan association, the federal deposit insurance corporation, whether or not it acts as receiver, shall be subrogated to the extent of the payments to all rights of depositors against the savings and loan association.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.26, effective until 9/13/2010.
