<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>55666</law_id><section_number>6.2-930</section_number><catch_line>Emergency sale of assets</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="8">Banks</unit><unit label="article" level="4" order_by="1" identifier="14">Appointment of Fdic as Receiver</unit></structure><text>
						<section><p>The <span class="dictionary">FDIC</span> as receiver, with <span class="dictionary">ex parte</span> approval of the <span class="dictionary">receivership court</span>, may sell all or any part of the closed <span class="dictionary">bank</span>&#x2019;s <span class="dictionary">assets</span>. All or any part of such <span class="dictionary">assets</span> may be sold to the Federal Deposit Insurance <span class="dictionary">Corporation</span> in its capacity as a <span class="dictionary">corporation</span>. The <span class="dictionary">FDIC</span> as receiver may also borrow from the <span class="dictionary">FDIC</span>, in its corporate capacity, any amount necessary to facilitate the assumption of deposit liabilities by an existing <span class="dictionary">bank</span> or a newly chartered <span class="dictionary">bank</span>, and may assign any part or all of the <span class="dictionary">assets</span> of the closed <span class="dictionary">bank</span> as security for such loan.</p></section></text><history>1983, c. 507, &#xA7; 6.1-110.6; 2010, c. 794.</history><metadata></metadata></law>
