12 U.S.C. § 191 — Appointment of receiver for a national bank

submitted 150 years ago by ch. 156 to r/title-12-BANKS-AND-BANKING · 177 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Comptroller of the Currency can appoint a receiver for a failing national bank without notice. The FDIC becomes receiver if the bank is insured. The bank can sue within 30 days to try to remove the receiver.

(a) In general: The Comptroller of the Currency can appoint a receiver for a national bank without giving notice or holding a hearing first. If the bank is insured, the receiver must be the Federal Deposit Insurance Corporation. The Comptroller can do this if the Comptroller decides, in the Comptroller's own discretion, that (1) one or more grounds listed in section 1821(c)(5) of this title exist, or (2) the bank's board of directors has fewer than 5 members. (b) Judicial review: If the Comptroller appoints a receiver under (a), the bank can sue within 30 days, in the federal district court where the bank's home office sits, or in the U.S. District Court for the District of Columbia. The bank can ask the court to order the Comptroller to remove the receiver. The court must then either dismiss the case on the merits, or order the Comptroller to remove the receiver.

the actual law source: uscode.house.gov ↗public domain

(a) In general

The Comptroller of the Currency may, without prior notice or hearings, appoint a receiver for any national bank (and such receiver shall be the Federal Deposit Insurance Corporation if the national bank is an insured bank (as defined in section 1813(h) of this title)) if the Comptroller determines, in the Comptroller’s discretion, that—

(1)

1 or more of the grounds specified in section 1821(c)(5) of this title exist; or

(2)

the association’s board of directors consists of fewer than 5 members.

(b) Judicial review

If the Comptroller of the Currency appoints a receiver under subsection (a), the national bank may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such bank is located, or in the United States District Court for the District of Columbia, for an order requiring the Comptroller of the Currency to remove the receiver, and the court shall, upon the merits, dismiss such action or direct the Comptroller of the Currency to remove the receiver.

Source credit: (June 30, 1876, ch. 156, § 2, formerly § 1, 19 Stat. 63; Pub. L. 86–230, § 16, Sept. 8, 1959, 73 Stat. 458; Pub. L. 102–242, title I, § 133(b), Dec. 19, 1991, 105 Stat. 2271; renumbered § 2 and amended Pub. L. 102–550, title XVI, § 1603(d)(6), (7), Oct. 28, 1992, 106 Stat. 4080; Pub. L. 109–351, title VII, § 701(a), Oct. 13, 2006, 120 Stat. 1984.)

history & why it existsrecord from the source credit

1876Enacted · Act of June 30, 1876, ch. 156 · 19 Stat. 63
1959Amended · Pub. L. 86-230 · 73 Stat. 458
1991Amended · Pub. L. 102-242 · 105 Stat. 2271
1992Amended · Pub. L. 102-550 · 106 Stat. 4080
2006Amended · Pub. L. 109-351 · 120 Stat. 1984

A history note hasn’t been published yet. The record shows enactment by ch. 156 on 1876-06-30.

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