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Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - 12 U.S.C. § 191 - U.S. Code - Unannotated Title 12. Banks and Banking § 191. Appointment of receiver for a national bank - last updated January 01, 2024 | https://codes.findlaw.com/us/title-12-banks-and-banking/12-usc-sect-191/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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