286.3-866 Sale of assets by receiver -- Borrowing from FDIC by receiver.
The receiver may, with ex parte approval of the receivership court, sell all or any part of <br>the bank's assets to another state or national bank or to the FDIC, provided that the effect <br>of such sale shall not be to prefer one (1) or more members of a class of creditors, <br>including uninsured deposit liabilities, over other members of the same class of creditors <br>as set forth in KRS 286.3-870. In like manner the receiver may borrow from the FDIC <br>any amount necessary to facilitate the assumption of deposit liabilities by a newly <br>chartered or existing bank, assigning any part or all of the assets of the bank as security <br>for such loan.
Effective: July 13, 1984 <br>History: Created 1984 Ky. Acts ch. 324, sec. 49, effective July 13, 1984. <br>Formerly codified as KRS 287.866. <br>Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the <br>Kentucky Financial Services Code, KRS Chapter 286, and KRS references within <br>this statute have been adjusted to conform with the 2006 renumbering of that code.
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