                                 CODE OF VIRGINIA

EMERGENCY SALE OF ASSETS (§ 6.2-930)

The FDIC as receiver, with ex parte approval of the receivership court, may sell
all or any part of the closed bank&#8217;s assets. All or any part of such
assets may be sold to the Federal Deposit Insurance Corporation in its capacity
as a corporation. The FDIC as receiver may also borrow from the FDIC, in its
corporate capacity, any amount necessary to facilitate the assumption of deposit
liabilities by an existing bank or a newly chartered bank, and may assign any
part or all of the assets of the closed bank as security for such loan.

HISTORY: 1983, c. 507, § 6.1-110.6; 2010, c. 794.