12 U.S.C. § 67 — Individual liability of shareholders; compromises; authority of receiver

This section gives a bank receiver settlement power. Any receiver of a national banking association is authorized to compromise — that is, settle for less than the full amount — the individual liability of any shareholder of that association. This can happen either before or after a judgment against the shareholder. But the receiver needs two approvals to do it: approval from the Comptroller of the Currency, and an order from a court of record with competent jurisdiction.