1165.26 [Effective Until 9/13/2010] Transfer of further liquidation to savings bank.
The superintendent of savings banks, at any time after taking possession of the business and property of a domestic savings bank under this chapter, may transfer the further liquidation of the business and property of the savings bank to the savings bank, which shall conduct any further liquidation in the manner and with the effect provided by section 1165.23 of the Revised Code, except as otherwise expressly provided in this section. The transfer shall be effected by the issuance of an order of like tenor to the order provided for in division (A) of section 1165.23 of the Revised Code and the filing by the superintendent with the secretary of state of the certificate of dissolution provided for in that division. Immediately upon the filing, the possession of all the assets of the savings bank shall be deemed transferred from the superintendent to, and assumed by, the savings bank for the purpose of further liquidation, and the filing, without the execution or delivery of any instrument of conveyance, assignment, transfer, or indorsement, shall vest the title to all such assets in the savings bank for that purpose. The superintendent, after the filing, shall forthwith 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 the savings bank has been transferred as provided in this section. Thereupon, the 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 the savings bank is located, or to a judge thereof in vacation, with respect to the further liquidation of the savings bank, which is conferred upon the court or judge by section 1165.23 of the Revised Code.
The superintendent, by order, may prescribe and regulate all details of the transfer that are not fully provided for in this section. If the order of transfer is issued more than seven days after the filing of notice by the superintendent under division (C) of section 1165.02 of the Revised Code, the provisions of section 1165.03 of the Revised Code relating to the remedy of the savings bank shall be deemed exclusive, and section 1165.29 of the Revised Code does not apply.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.26, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.26 [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 bank, 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 bank.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.26, effective until 9/13/2010.
1165.26 [Effective Until 9/13/2010] Transfer of further liquidation to savings bank.
The superintendent of savings banks, at any time after taking possession of the business and property of a domestic savings bank under this chapter, may transfer the further liquidation of the business and property of the savings bank to the savings bank, which shall conduct any further liquidation in the manner and with the effect provided by section 1165.23 of the Revised Code, except as otherwise expressly provided in this section. The transfer shall be effected by the issuance of an order of like tenor to the order provided for in division (A) of section 1165.23 of the Revised Code and the filing by the superintendent with the secretary of state of the certificate of dissolution provided for in that division. Immediately upon the filing, the possession of all the assets of the savings bank shall be deemed transferred from the superintendent to, and assumed by, the savings bank for the purpose of further liquidation, and the filing, without the execution or delivery of any instrument of conveyance, assignment, transfer, or indorsement, shall vest the title to all such assets in the savings bank for that purpose. The superintendent, after the filing, shall forthwith 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 the savings bank has been transferred as provided in this section. Thereupon, the 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 the savings bank is located, or to a judge thereof in vacation, with respect to the further liquidation of the savings bank, which is conferred upon the court or judge by section 1165.23 of the Revised Code.
The superintendent, by order, may prescribe and regulate all details of the transfer that are not fully provided for in this section. If the order of transfer is issued more than seven days after the filing of notice by the superintendent under division (C) of section 1165.02 of the Revised Code, the provisions of section 1165.03 of the Revised Code relating to the remedy of the savings bank shall be deemed exclusive, and section 1165.29 of the Revised Code does not apply.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.26, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.26 [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 bank, 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 bank.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.26, effective until 9/13/2010.
1165.26 [Effective Until 9/13/2010] Transfer of further liquidation to savings bank.
The superintendent of savings banks, at any time after taking possession of the business and property of a domestic savings bank under this chapter, may transfer the further liquidation of the business and property of the savings bank to the savings bank, which shall conduct any further liquidation in the manner and with the effect provided by section 1165.23 of the Revised Code, except as otherwise expressly provided in this section. The transfer shall be effected by the issuance of an order of like tenor to the order provided for in division (A) of section 1165.23 of the Revised Code and the filing by the superintendent with the secretary of state of the certificate of dissolution provided for in that division. Immediately upon the filing, the possession of all the assets of the savings bank shall be deemed transferred from the superintendent to, and assumed by, the savings bank for the purpose of further liquidation, and the filing, without the execution or delivery of any instrument of conveyance, assignment, transfer, or indorsement, shall vest the title to all such assets in the savings bank for that purpose. The superintendent, after the filing, shall forthwith 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 the savings bank has been transferred as provided in this section. Thereupon, the 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 the savings bank is located, or to a judge thereof in vacation, with respect to the further liquidation of the savings bank, which is conferred upon the court or judge by section 1165.23 of the Revised Code.
The superintendent, by order, may prescribe and regulate all details of the transfer that are not fully provided for in this section. If the order of transfer is issued more than seven days after the filing of notice by the superintendent under division (C) of section 1165.02 of the Revised Code, the provisions of section 1165.03 of the Revised Code relating to the remedy of the savings bank shall be deemed exclusive, and section 1165.29 of the Revised Code does not apply.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.26, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.26 [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 bank, 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 bank.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.26, effective until 9/13/2010.
