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2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 3 - BANKS AND BANKING GENERALLY
Section 34-3-640. Assets pass to Federal Deposit Insurance Corporation on appointment as receiver of liquidator.
Universal Citation: SC Code § 34-3-640 (2017)
Upon the acceptance of the appointment as receiver or liquidator as aforesaid by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall, with the consent of the Commissioner of Banking, pass to and vest in the Corporation.
HISTORY: 1962 Code Section 8-274; 1952 Code Section 8-274; 1942 Code Section 7837; 1935 (39) 482; 1934 (39) 1484.
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