Every receivership must be terminated within ten years of the date of the appointment
of the first receiver for said bank. If ninety days prior to the expiration of said ten-year period any assets remain
in the hands of the receiver, the receiver shall cause notice of sale thereof at public
auction to be given by publishing notice thereof in a newspaper in the county wherein
the bank was located once each week for three successive weeks prior to the date set
for sale, and such assets may be sold to the highest bidder. Such sale may be had at any earlier time when ordered by the court having jurisdiction. When the receivership of a closed bank is terminated, all books, records, documents,
and other property of such bank, and any dividends unclaimed, must be delivered over
by such receiver to the commissioner and the commissioner's receipt taken therefor
by the receiver. Such receipt must be filed in the district court having jurisdiction, and the discharge
of the receiver, whether the receiver be an administrative or judicial receiver, must
be approved by such court before it becomes final. The commissioner is custodian of all books, records, documents, and other property
of such bank and of the dividends unclaimed upon the winding up of the receivership
proceedings, and is vested with title to any assets belonging to such bank and not
distributed in such receivership, and the commissioner has full power and authority
to convert such assets into cash. The commissioner has authority to execute all deeds, satisfactions, assignments,
or other documents required for the purpose of transferring undistributed assets or
for the purpose of correcting public records and quieting title to property in which
the insolvent bank has or has had an apparent interest. Any moneys collected by the commissioner after the termination of a receivership
must be paid to the commissioner of university and school lands. The commissioner may waive any of the requirements of this section in cases in which
the federal deposit insurance corporation is the receiver.
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