reglab/housing_qa huggingface dataset:
AL Code § 5-8A-25 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver.

Section 5-8A-25Passage of title to assets, etc., of banking institution to receiver. Upon the appointment of a receiver to liquidate a bank, the possession of and title to all assets, business and property of such bank of every kind and nature shall pass to and vest in the receiver without the execution of any instruments of conveyance, assignment, transfer or endorsement. (Acts 1980, No. 80-658, §5-8-25.)
AL Code § 5-8A-26 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc.

Section 5-8A-26Use of bank examiner's reports as evidence in liquidation proceedings, etc. In the event the superintendent takes charge of the business and affairs of any bank as authorized in this chapter or in the event a proceeding is instituted to forfeit the charter of any bank, the report of the examiner of such bank on file in the office of the superintendent or a copy thereof duly certified by the superintendent under his official seal, is admissible and may be used as evidence in any court, either by the superintendent, the Banking Board, any member or employee thereof, the receiver or the bank. (Acts 1980, No. 80-658, §5-8-26.)
AL Code § 5-8A-27 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-27 - Application by Bank for Injunction Against Acquisition of Possession of Business and Property by Receiver or Superintendent.

Section 5-8A-27Application by bank for injunction against acquisition of possession of business and property by receiver or superintendent. Whenever the superintendent or a receiver has taken charge of the property or business of any bank, such bank may at any time within 10 days after the taking of such possession apply to the receivership court to enjoin further proceedings by the receiver or superintendent; and the court, after citing the receiver and superintendent to show cause why further proceedings should not be enjoined and hearing the allegations and proof of the parties and determining the facts, may, upon the merits, dismiss such application or enjoin the receiver or superintendent from further proceedings and direct him to surrender such business and property to such bank. Any such application for injunction may be heard at any time in the discretion of the receivership court after one day's notice from the time of service of process on the receiver and superintendent. If application is made to enjoin the proceedings of the receiver, the superintendent may intervene and become a party to such action as a matter of right. (Acts 1980, No. 80-658, §5-8-27.)
AL Code § 5-8A-28 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent.

Section 5-8A-28Creation of liens against bank after possession by superintendent. After the superintendent has taken possession of the property and business of a bank as provided in this chapter, no judgment lien, attachment lien, or any voluntary lien, except as provided in this chapter, shall attach to any assets of said bank nor shall the directors, officers, employees or agents of such bank have authority to act on behalf of said bank or to convey, transfer, assign, pledge, mortgage, or encumber any assets thereof. (Acts 1980, No. 80-658, §5-8-28.)
AL Code § 5-8A-29 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-29 - Resumption of Business of Bank.

Section 5-8A-29Resumption of business of bank. After the superintendent has taken possession of a bank, the superintendent may permit such bank to resume business upon such conditions as may be approved by him, including an observance of all the requirements of law and making good of all deficits in the previous observance of law. (Acts 1980, No. 80-658, §5-8-29.)
AL Code § 5-8A-30 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-30 - Collection of Claims of Bank, Etc.

Section 5-8A-30Collection of claims of bank, etc. Upon taking possession of any of the property and business of any bank, the receiver may collect moneys due to such bank and do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof as provided in this chapter. The receiver shall collect all debts due and claims belonging to the bank, whether in this state or in any other state, and may proceed in courts of competent jurisdiction to enforce said claims in this state and in other states. "Claims" shall include any right of action against any surety, fidelity or insurance company, auditor or any past or present officer or director of such bank for mismanagement, violations of laws or regulations or other breach of duty. It shall be the duty of the receiver or his duly authorized agent to satisfy on the proper record all mortgages, judgments, security interests, or other liens held or owned by any insolvent bank that have been paid or satisfied. (Acts 1980, No. 80-658, §5-8-30.)
AL Code § 5-8A-31 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation.

Section 5-8A-31Subrogation of Federal Deposit Insurance Corporation. Whenever any bank shall have been closed as provided under the laws of this state, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed bank, shall be subrogated to all rights against such closed bank of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is now or may be hereafter provided for by federal law in the case of the closing of a national bank; provided, that the rights of depositors and other creditors of such closed bank shall be determined in accordance with the applicable provisions of the laws of this state. (Acts 1980, No. 80-658, §5-8-31.)
AL Code § 5-8A-32 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank.

Section 5-8A-32Sale, etc., of bad debts and property of bank. The receiver, by making application to the receivership court, may procure an order to sell or compound all bad or doubtful debts and on like order may sell all real and personal property of such bank on such terms as the court shall direct; provided, however, that the receiver shall have the right to ask for a blanket order from the receivership court for the settlement of all debts, claims of any and all nature, and deposits and for the sale of real and personal property wherein no single item exceeds the value of $10,000.00. In all or any of such court proceedings, the bank shall be made a party by proper service of process issued from the court, and the hearing of any such application or petition of the superintendent may be had at any time after the bank has had five days' notice of the application; provided, however, the court may ex parte approve a purchase and assumption transaction as provided for in 12 U.S.C. §1823(e) or a similar transaction authorized by federal law and provided further if notice of the hearing of said application is waived or the allegation of said application is admitted by the bank, no further proof will be required of the allegations of said application and the order may be forthwith granted by the court. (Acts 1980, No. 80-658, §5-8-32.)
AL Code § 5-8A-33 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank.

Section 5-8A-33Negotiation of loans, granting of security, etc., on behalf of closed bank. (a) The receiver is authorized to borrow money and pledge the assets of a bank in liquidation for protecting and preserving its assets, for paying secured claims, for aiding in the reorganization or reopening of such bank or for making distribution to depositors and creditors when, in the judgment of the receiver, the borrowing of such funds would be to the interest of the depositors and creditors. (b) For any loan negotiated under the authority vested by this article, the receiver may execute a note therefor, renew the same from time to time and do all things he considers necessary until the same has been paid. Such note or renewal or any mortgage or contract to be executed for the purpose hereof shall be signed by giving the name of the bank, followed by the words: "In liquidation," "By ________ (the name of the receiver) receiver." Any note or other contract executed for the purpose hereof shall be treated as the obligation of the bank and the holder thereof shall have the character of a creditor of the bank for the amount of any deficiency in the security furnished. (c) To secure any such loan, the receiver may pledge, mortgage, or grant a security interest in, by appropriate contracts or writings, any or all of the assets, real or personal, in his possession belonging to the bank for whose benefit the loan shall be obtained. (d) Before closing the proposal to procure the loan, pledge, mortgage, or grant of a security interest in assets under subsections (a) and (c), the same shall be presented to the receivership court by petition, giving the court full information concerning desirability of making the loan and granting a security and such other matters as the receiver may desire, and the court may pass upon such petition with or without notice to the former directors or chief executive officer of the bank involved or to other parties in interest. (Acts 1980, No. 80-658, §5-8-33.)
AL Code § 5-8A-34 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank.

Section 5-8A-34Loans from and sale of assets to Federal Deposit Insurance Corporation for bank. With respect to any bank which is now or may hereafter be closed as provided under the laws of this state, the receiver of such bank may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of said bank to said corporation as security for a loan from same; provided, that where said corporation is acting as such receiver, the order of the receivership court shall be first obtained approving such loan. The receiver, upon the order of the receivership court which may be ex parte, may sell to said corporation any part or all of the assets of such bank. The provisions of this section shall not be construed to limit the power of the receivers to pledge or sell assets in accordance with any existing law. (Acts 1980, No. 80-658, §5-8-34.)
AL Code § 5-8A-35 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver.

Section 5-8A-35Assumption or rejection of executory contracts by receiver. The receiver shall assume or reject an executory contract, including an unexpired lease of real or personal property, within 60 days after appointment, but the receivership court may for cause shown extend or reduce the time. Any such contract or lease not assumed or rejected within that time shall be deemed to be rejected. The receiver shall file within 60 days of his appointment, a statement under oath showing which, if any, of the contracts of the bank are executory in whole or in part, including unexpired leases of real or personal property, and which, if any, have been rejected by the receiver. Unless a lease of real or personal property expressly otherwise provides, a rejection of the lease or of any covenant therein by the receiver of the lessor does not deprive the lessee of his estate. A general covenant or condition in a lease that it shall not be assigned shall not be construed to prevent the receiver from assuming the same at his election and subsequently assigning the same; but an express covenant that an assignment by operation of law or the liquidation of a specified party thereto, or of either party shall terminate the lease or give the other party an election to terminate the same is enforceable. A receiver who elects to assume a contract or lease of the bank and who subsequently with approval of the receivership court and upon such terms and conditions as the receivership court may fix after hearing upon notice to the other party to the contract or lease, assigns such contract or lease to a third person, is not liable for breaches occurring after the assignment. (Acts 1980, No. 80-658, §5-8-35.)
AL Code § 5-8A-36 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-36 - Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensation of Assistants, etc.; Court Approval of Liquidation Expenses.

Section 5-8A-36Employment of counsel, expert assistants, etc., in liquidation of bank; compensation of assistants, etc.; court approval of liquidation expenses. The receiver may employ such counsel and procure such expert assistants and advice as may be necessary in the liquidation and distribution of the assets of such bank and may retain such of the officers or employees of such bank as he may deem necessary. The receiver and such assistants as will have charge of any of the assets of the bank may be required to post such security for the faithful discharge of their duties as the receivership court may deem proper. The compensation of assistants and other employees and all expenses of supervision and liquidation shall be fixed by the receiver subject to the approval of the receivership court on notice to such bank. (Acts 1980, No. 80-658, §5-8-36.)
AL Code § 5-8A-37 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-37 - Payment of Compensation.

Section 5-8A-37Payment of compensation. When the compensation for the various parties aiding in the liquidation is fixed and approved, the same shall be paid out of the funds of such bank in the hands of the receiver and shall be a prior charge and lien on the assets of such bank. (Acts 1980, No. 80-658, §5-8-37.)
AL Code § 5-8A-38 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-38 - Deposit of Funds Collected by Receiver.

Section 5-8A-38Deposit of funds collected by receiver. The money collected by the receiver shall be, from time to time, deposited in one or more banks in this state. (Acts 1980, No. 80-658, §5-8-38.)
AL Code § 5-8A-39 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-39 - Notice for and Filing of Claims Against Bank.

Section 5-8A-39Notice for and filing of claims against bank. The receiver shall cause notice to be given by advertisement in such newspaper as he may direct, once a week for six consecutive weeks, calling all persons who may have claims, but not including deposits or certificates of deposit shown by the books of the bank which shall be a prima facie proven claim against the bank, against such bank to present the same to the receiver and make legal proof thereof at a place and within a time to be specified in the notice, not less than 90 days from the day of the first publication of the notice. The receiver shall mail a similar notice to all persons whose names appear as creditors upon the books of the bank. (Acts 1980, No. 80-658, §5-8-39.)
AL Code § 5-8A-40 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-40 - Preferred Claims.

Section 5-8A-40Preferred claims. In addition to any other laws of this state or of the United States granting priority, any draft or cashier's check issued and drawn against actual existing value by any bank prior to its failure or closing and given in payment of clearings and any money paid in the usual course of business to any bank in payment of a draft for the bona fide transfer of funds shall be a preferred claim against the assets of the bank, irrespective of whether the fund representing such item or items can be traced and identified as part of such assets or has been intermingled with or converted into other assets of such failed bank. (Acts 1980, No. 80-658, §5-8-40.)
AL Code § 5-8A-41 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims.

Section 5-8A-41Inventory of assets of bank; filing list of claims. Upon taking possession of the property and assets of such bank, the receiver shall make an inventory of the assets of such bank in duplicate, and upon expiration of time for rejection of claims, make a full and complete list of claims in duplicate, specifying which claims have been rejected by him. A copy of the inventory and a copy of this list of claims shall be filed in the office of the receiver and one copy of each shall be filed in the office of the clerk of the receivership court. Such inventory and list of claims shall be open at all reasonable times to inspection. (Acts 1980, No. 80-658, §5-8-41.)
AL Code § 5-8A-42 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits.

Section 5-8A-42Objections to claims; unproven or unclaimed deposits. Objections to any claim or deposit not rejected by the receiver may be made by any party interested by filing a copy of such objections with the clerk of the receivership court and with the receiver, who shall present the same to the receivership court before the time of the next application to declare a dividend. The receivership court may make proper provisions for unproven or unclaimed deposits. (Acts 1980, No. 80-658, §5-8-42.)
AL Code § 5-8A-43 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-43 - Rejection of Claims.

Section 5-8A-43Rejection of claims. If the receiver doubts the validity of any claims or deposits, he may reject the same and serve notice of such rejection upon the claimant or depositor, either by mail or personally, and an affidavit of service of such notice, which shall be prima facie evidence thereof, shall be filed in the office of the receiver. (Acts 1980, No. 80-658, §5-8-43.)
AL Code § 5-8A-44 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims.

Section 5-8A-44Actions upon rejected claims; late claims. Any action upon a claim so rejected must be brought by filing a complaint in the receivership court by the claimant within six months after service of such notice or the same shall be barred. Claims presented and allowed after the expiration of the time fixed in the notice to creditors shall be entitled to share in the distribution only to the extent of the assets in the hands of the receiver at the time such claims are filed, without allowance for previous distribution. (Acts 1980, No. 80-658, §5-8-44.)
AL Code § 5-8A-45 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-45 - Payment of Dividends to Creditors.

Section 5-8A-45Payment of dividends to creditors. At any time after the expiration of the date fixed for the presentation of claims, the receiver may, out of the funds remaining in his hands after the payment of expenses, declare and pay one or more dividends to creditors, and after the expiration of one year from the first publication of notice to the creditors to present claims, he may declare and pay a final dividend, such dividend to be paid to such persons and in such amounts and upon such notice as may be directed by the receivership court. (Acts 1980, No. 80-658, §5-8-45.)
AL Code § 5-8A-46 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 8A - Liquidation of Banks.|Article 2 - Insolvent Banks.|Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank.

Section 5-8A-46Final distribution, termination of receivership and dissolution of bank. Whenever the receiver shall have paid to each and every depositor and creditor of such bank whose claim or claims as such creditor or depositor shall have been duly proven and allowed the full amount of such claims and shall have made proper provision for the unclaimed and unpaid deposits or dividends the receiver shall make application for final settlement including expenses of liquidation, to be approved by the receivership court and shall distribute the balance of any assets remaining ratably to the stockholders. Creditors shall not receive interest after the date of taking of possession by the superintendent. The receiver shall in said final settlement order be directed to file in the office of the judge of probate of the county in which the principal place of business of the bank was located and in the office of Secretary of State a certificate of dissolution and the written approval of the superintendent to such dissolution; and said bank shall thereupon be dissolved. Any unclaimed funds in the hands of the receiver shall be transmitted by him to the State Treasurer to be held as unclaimed property under the provisions of Sections 35-12-20 through 35-12-48. (Acts 1980, No. 80-658, §5-8-46.)