reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:338. Insurance settlement proceeds; return of excess funds; enforcement

RS 6:338 - Insurance settlement proceeds; return of excess funds; enforcement
A. If a mortgagee or mortgage servicer is presented with a jointly payable insurance proceeds check, draft, or other negotiable instrument for residential immovable property damage, which contains the borrower-payee's endorsement, and the mortgagee or mortgage servicer receives a written request from the borrower-payee to release excess funds, then the mortgagee or mortgage servicer shall have fifteen business days after receiving such request and such check, draft, or other negotiable instrument to provide its endorsements and return all excess funds provided for in Subsection B of this Section. The fifteen-business-day timeline for releasing excess funds provided by this Section shall not apply when the insurance proceeds check, draft, or other negotiable instrument requires the endorsement of multiple mortgagees or lien holders.
B. For purposes of this Section, the term "excess funds" shall mean insurance funds in excess of both of the following:
(1) All loan balances of any mortgagee or mortgage servicer named as payee on the insurance claim check, draft, or other negotiable instrument calculated as of the thirtieth day following receipt of the request and check or draft as outlined in Subsection A of this Section.
(2) Six months of future accrued interest as calculated pursuant to the terms of the mortgage loans and calculated from the date of the payoff explained in Paragraph (1) of this Subsection.
C.(1) The commissioner may impose civil money penalties of up to five hundred dollars per day of each day a mortgagee or mortgage servicer fails to comply with the requirements of Subsection B of this Section. The penalties provided in this Paragraph shall not exceed five thousand dollars per violation.
(2) Penalties shall be due and payable upon notice of their assessment to the mortgagee or mortgage servicer, unless set aside after an administrative hearing pursuant to the provisions of the Administrative Procedure Act. The assessment of civil money penalties shall be final and definitive and subject to enforcement by the commissioner through judicial proceedings.
D. The provisions of this Section shall apply only to residential mortgage loans secured by a property that contains one to four residential dwelling units. However, the provisions of this Section shall not apply to a mortgagee or mortgage servicer when the borrower-payee is in default on his mortgage loan, past due with payments on his mortgage loan, or in foreclosure related to his mortgage loan.
E. The provisions of this Section shall not impair the contractual rights of a mortgagee or mortgage servicer related to all loan balances and accrued interest as described in Paragraphs (B)(1) and (2) of this Section.
Acts 2006, 1st Ex. Sess., No. 21, §1, eff. April 1, 2006; Acts 2022, No. 744, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:351. Authorization for mergers, consolidations, and share exchanges

RS 6:351 - Authorization for mergers, consolidations, and share exchanges
A. Any two or more state banks, and any one or more state banks and any one or more national banks, may, upon approval of the commissioner if the surviving or consolidated bank will be a state bank, be:
(1) Merged into one of the banks; or
(2) Consolidated into a new bank.
B. Notwithstanding any provision of this Title, or any other state law to the contrary, and upon prior written approval of the commissioner and the appropriate federal regulatory agencies, any one state bank may be merged or consolidated with a Louisiana bank holding company that owns all the issued and outstanding stock of the bank, with the resulting entity being the state bank, subject to the requirements for a bank merger or consolidation established by R.S. 6:352 et seq., as if the bank holding company were a state bank. Any such merger or consolidation shall only be effected for the purposes of voluntarily liquidating or dissolving the bank holding company.
C. With the approval of the commissioner and subject to the provisions of R.S. 6:352.1, all of the outstanding shares of one or more classes or series of capital stock of a state bank, savings bank, or an association, hereinafter referred to as a "financial institution", may be acquired by another bank, savings bank, or association, or a holding company or holding company in formation for any of the foregoing, hereinafter referred to as the "acquiring entity" in exchange for shares, obligations, or other securities of the acquiring entity or for cash or other property, in whole or in part, with the state financial institution and the acquiring entity remaining in existence upon consummation of the exchange.
D. When, as a result of a merger or consolidation, a state bank relinquishes its state charter to the commissioner, it shall provide a copy of the executed agreement, not later than thirty days prior to the effective date of the merger or conversion, and pay a fee in an amount to be determined by the commissioner by rule. Within thirty days after the issuance of the certificate of merger or consolidation, the relinquishing bank shall file the certificate and a certified copy of the agreement in accordance with the procedures established by R.S. 6:352(7). A certified copy of the agreement shall also be filed in the parish where the state bank was domiciled, except that the certificate of merger shall be filed in the parish of domicile of the bank whose certificate of authority has been canceled.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1988, No. 117, §1, eff. June 29, 1988; Acts 1993, No. 457, §1, eff. Jan. 1, 1994; Acts 2001, No. 876, §1, eff. June 26, 2001; Acts 2003, No. 57, §1, eff. May 23, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:353. Consolidation; articles of incorporation

RS 6:353 - Consolidation; articles of incorporation
A. If the joint agreement is for a consolidation into a new bank to be formed under this law, articles of incorporation for the new bank shall be prepared in the manner and form prescribed by law except that:
(1) The banks consolidating shall be named as the incorporators of the new bank.
(2) The articles shall be signed by the president or chief executive officer and secretary or assistant secretary or cashier or assistant cashier of each of the banks, and the articles shall be acknowledged by the officers so signing the articles.
(3) In addition to the provisions required by law to be contained therein, the articles shall state the shares, secured or unsecured obligations, cash, or other consideration to be delivered to the stockholders or members of each of the consolidating banks or the manner of converting shares thereof into securities of the new bank.
B. The articles shall be filed and recorded and a certificate of incorporation issued as provided in this law.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:354. When merger or consolidation effective

RS 6:354 - When merger or consolidation effective
A. A merger shall be effective when the joint agreement has been recorded by the commissioner as of the time of filing of the agreement with the commissioner or as of any later effective time not more than thirty days after the date of filing stated in the agreement.
B. A consolidation shall be effective when the joint agreement and the articles have been recorded in the office of the commissioner as of the time of filing of the agreement with the commissioner or as of any later effective time not more than thirty days after the date of such filing stated in the agreement.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:355. Effect of merger or consolidation

RS 6:355 - Effect of merger or consolidation
Upon the effectiveness of the merger or consolidation, the effect thereof shall be that:
A. The several parties to the joint agreement shall be one bank which shall be:
(1) In the case of merger, one of the constituent banks into which it has been agreed that the others shall be merged, and which shall survive the merger for that purpose.
(2) In the case of consolidation, the new bank into which it has been agreed that the others shall be consolidated.
B. The separate existence of the constituent banks shall cease except that of the surviving bank in the case of merger.
C. The surviving or new bank shall possess all the rights, privileges, and franchises possessed by each of the former banks merged or consolidated.
D. All of the property and assets of whatsoever kind or description of each of the constituent banks, all franchises and interests including appointments, designations, and nominations, and all other rights and interests as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and in every other fiduciary capacity, all debts due on whatever account to any of the constituent banks including subscriptions for shares and other rights of action belonging to any of them shall be taken and be deemed to be transferred to and vested in the surviving or new bank without further act or deed, in the same manner and to the same extent as such rights, franchises, and interests would have been held or enjoyed by any one of the constituent banks whenever such matter comes into existence as a result of one of the nonsurviving constituent banks having been named in the act or document or other evidence that creates the right, interest, fiduciary relationship, or responsibility, such as a testament, trust indenture, or suspensively conditioned contract.
E. The surviving or new bank shall be responsible for all of the liabilities and obligations of each of the banks merged or consolidated in the same manner as if such surviving or new bank had itself incurred such liabilities or obligations; but the liabilities of such constituent banks or of their stockholders, members, directors, or officers shall not be affected, nor shall the rights of the creditors thereof, or of any persons dealing with such banks, be impaired by such merger or consolidation; and any claim existing or action or proceeding pending by or against any of such constituent banks may be prosecuted to judgment as if such merger or consolidation had not taken place, or the surviving or new bank may be proceeded against or substituted in place of such constituent bank.
F. In the case of a merger, the articles of the surviving bank shall be deemed amended to the extent of any changes therein stated in the merger agreement.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:361. National bank converting into state bank

RS 6:361 - National bank converting into state bank
A.(1) A national bank domiciled in this state which complies with the procedure prescribed by the laws of the United States for the conversion of a national bank into a state bank may be granted a certificate of authority by the commissioner if he finds that the requirements for the incorporation of a state bank have been met.
(2) Any requirements that shares of stock must be paid in cash may be satisfied by the exchange of shares of stock of the new state bank for those of the converting national bank. The procedures applicable to incorporation of a state bank may be modified to the extent made necessary by the difference between an ordinary incorporation and a conversion.
B.(1) The national bank may apply for a certificate of authority by filing with the commissioner:
(a) A certificate signed by its president and cashier and by a majority of the board of directors setting forth the corporate action taken in compliance with the provisions of the laws of the United States governing the conversion of a national bank into a state bank; and
(b) The plan of conversion and the proposed articles of incorporation approved by the stockholders for the operation of the bank as a state bank.
(2) Additionally, the certificate of authority and the articles of incorporation are to be filed with the recorder of mortgages in the parish of domicile of the state bank as provided in R.S. 6:217.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 2003, No. 17, §1, eff. May 23, 2003; Acts 2003, No. 60, §1, eff. May 23, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:362. State bank converting into national bank

RS 6:362 - State bank converting into national bank
A. A state bank may convert into a national bank by complying with the laws of the United States and the provisions of Subsection B. Upon the completion of the conversion, the certificate of authority of the converting state bank shall automatically terminate.
B. A converting state bank shall give notice of its intention to convert to a national bank at least thirty days prior to the proposed effective date of the conversion. A vote of the holders of two-thirds of each class of voting stock at a duly scheduled stockholders' meeting shall be required for approval of the conversion. Upon approval of the conversion, the rights of dissenting stockholders shall be the same as those specified in R.S. 6:376.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:363. Continuation of corporate entity; use of old name

RS 6:363 - Continuation of corporate entity; use of old name
A. A resulting state or national bank shall be considered the same business and corporate entity as the converting bank, with all the property, rights, powers, duties, and obligations of the converting bank, except as may be affected by other provisions of the law, and by the certificate of authority and articles of incorporation of the resulting bank.
B. A resulting bank shall have the right to use the name of the converting bank for a reasonable time immediately following the conversion when circumstances make it appropriate.
C. Any reference to the converting bank in any writing, whether executed or taking effect before or after the conversion, shall be deemed a reference to the converted bank if not inconsistent with the other provisions of such writing.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:364. State bank converting into state stock savings and loan association

RS 6:364 - State bank converting into state stock savings and loan association
A. A state bank may convert into a state stock savings and loan association as defined by and subject to the provisions of R.S. 6:701, et seq. upon:
(1) Complying with the laws of the United States.
(2) Adopting and filing with the commissioner:
(a) An application for approval of the plan of conversion.
(b) An application for approval of such amendments to its articles, bylaws, and lending plan as may be necessary to carry out the conversion, which amendments shall not be effective until approved by the commissioner and the conversion becomes effective.
(3) Determination by the commissioner that the requirements for a state stock savings and loan association have been met.
(4) Complying with the provisions of Subsection C of this Section.
B. Upon completion of the conversion, the certificate of authority of the converting state bank shall automatically terminate, and the commissioner shall issue to the resulting state stock savings and loan association a certificate of authority authorizing it to transact business as a state stock savings and loan association, subject to the provisions of R.S. 6:701, et seq.
C. A converting state bank shall give notice to its shareholders of its intention to convert to a state stock savings and loan association at least thirty days prior to the proposed effective date of the conversion. A vote of the holders of two-thirds of each class of voting stock at a duly scheduled stockholders meeting shall be required for approval of the conversion. Upon approval of the conversion, the rights of the dissenting stockholders shall be the same as those specified in R.S. 6:376.
D. Before a conversion becomes effective, the converting state bank shall give to its depositors such notice of the conversion as may be required by federal statute or regulation, or by the commissioner. If the rate of interest will be reduced as a result of the conversion, depositors may withdraw the deposit on demand at any time during the period commencing with the giving of the notice called for above and ending on the sixtieth day after the conversion becomes effective, subject to the provisions of any applicable federal statute or regulation.
Acts 1985, No. 405, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:364.1. Approval of conversion; effective date of conversion

RS 6:364.1 - Approval of conversion; effective date of conversion
A. After an application for conversion has been approved by the commissioner, the commissioner shall approve the amendments to the articles of incorporation of the resulting state stock savings and loan association and shall issue a certificate of authority at which time the conversion shall become effective and corporate existence of the resulting state stock savings and loan association shall begin.
B. The articles, together with a copy of the certificate of authority issued by the Office of Financial Institutions, shall be filed with the recorder of mortgages of the parish of the main office of the resulting state stock savings and loan association as provided in R.S. 6:217.
Acts 1985, No. 405, §1; Acts 1999, No. 342, §3; Acts 2003, No. 17, §1, eff. May 23, 2003; Acts 2003, No. 60, §1, eff. May 23, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:365. Federal or state stock savings and loan association converting into a state-chartered bank or savings bank

RS 6:365 - Federal or state stock savings and loan association converting into a state-chartered bank or savings bank
A. A federal or state stock savings and loan association may convert into a state-chartered bank or savings bank as defined by and subject to the provisions of R.S. 6:1 et seq., upon:
(1) Complying with the laws of the United States.
(2) Adopting and filing with the commissioner:
(a) An application for approval of the plan of conversion.
(b) An application for approval of such amendments to its articles, bylaws, and lending plan as may be necessary to carry out the conversion, which amendments shall not be effective until approved by the commissioner and the conversion becomes effective.
(c) Documentation showing the approval of at least two-thirds of the voting power present or by such larger or smaller proportion not less than a majority of the voting power present or as the articles may provide.
(3) Determination by the commissioner that the requirements for a state bank have been met.
(4) Complying with the provisions of Subsection C of this Section.
B. Upon completion of the conversion, the certificate of authority of the converting state stock savings and loan association shall automatically terminate, and the commissioner shall issue to the resulting state bank a certificate of authority authorizing it to transact business as a state bank, subject to the provisions of R.S. 6:1, et seq.
C. A converting state stock savings and loan association shall give notice to its shareholders of its intention to convert to a state bank at least thirty days prior to the proposed effective date of the conversion. A vote of the holders of two-thirds of each class of voting stock at a duly scheduled stockholders meeting shall be required for approval of the conversion.
D. Before a conversion becomes effective, the converting state stock savings and loan association shall give to its depositors such notice of the conversion as may be required by federal statute or regulation, or by the commissioner. If the rate of interest will be reduced as a result of the conversion, depositors may withdraw the deposit on demand at any time during the period commencing with the giving of the notice called for above and ending on the sixtieth day after the conversion becomes effective, subject to the provisions of any applicable federal statute or regulation.
Acts 1988, No. 114, §1, eff. June 29, 1988; Acts 1992, No. 111, §1, eff. Sept. 1, 1992; Acts 2001, No. 915, §1, eff. June 26, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:365.1. Merger or conversion of an existing financial institution

RS 6:365.1 - Merger or conversion of an existing financial institution
A. With the approval of the commissioner, and notwithstanding any other law to the contrary, an existing federally insured financial institution may merge with or convert to any other form of federally insured financial institution by filing an acceptable plan, which has been adopted by a majority vote of all members of the board of directors of each institution, and by doing all of the following:
(1) Obtaining the approval of at least two-thirds of the voting power present or by such larger or smaller proportion not less than a majority of the voting power present as the articles may provide.
(2) Complying with all applicable provisions of this Title and the rules and regulations of the commissioner, except that the commissioner may waive any requirements of publication, notice, and public hearing.
(3) Paying all outstanding bills for supervisory fees, examination fees, membership fees, and other fees, penalties, and assessments associated with the original charter.
(4) Recording its new charter, as provided in R.S. 6:232(C) in the parish of its domicile and complying with the requirements of its current chartering authority. If applicable, any certificate of merger and accompanying merger agreement shall be filed in accordance with the procedures established in R.S. 6:352.
B. Any such merger or conversions shall become effective in accordance with the procedures established in R.S. 6:354.
C. Notwithstanding the provisions of Subsection A of this Section, a mutual state bank may be created only through the conversion of a federally insured financial institution in existence as of August 15, 1997.
Acts 1997, No. 929, §1; Acts 2001, No. 915, §1, eff. June 26, 2001; Acts 2003, No. 17, §1, eff. May 23, 2003; Acts 2003, No. 60, §1, eff. May 23, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:366. Voluntary transfer of assets

RS 6:366 - Voluntary transfer of assets
A.(1) Any state bank may sell, lease, exchange, or otherwise dispose of all or substantially all of its assets to any other bank after having obtained both the consent of the stockholders of the selling bank holding of record at least two-thirds of the voting stock of the bank and the consent of the commissioner. Consent of the stockholder shall be expressed either in writing executed and acknowledged by the stockholders and attached to the instrument of sale or other disposition or to a copy thereof, or by a vote at a stockholders' meeting called for that purpose. Consent of the commissioner shall be expressed in writing and attached to the instrument of sale or other disposition of assets.
(2) The transfer agreement shall contain provisions for the payment of liabilities of the selling bank, and it may contain provisions for the transfer of all deposits to a purchasing bank subject however to the right of every depositor of the selling bank to withdraw his deposit in full on demand after the transfer, irrespective of the terms under which it was deposited with the selling bank.
B. After such authorization by a vote of the stockholders, the board of directors may nevertheless, in its discretion, abandon such sale, lease, exchange, or other disposition of assets subject to the rights of third parties under any contracts relating thereto without action or approval by the stockholders.
C. This Section shall not be construed to authorize a conveyance or other disposition of assets in fraud of the bank's creditors or minority stockholders or stockholders without voting rights.
D. An action or suit to enjoin or set aside a conveyance by a state bank on the ground that there has not been compliance with the provisions of this Section relating to the sale or other disposition of assets of the state bank must be brought within ninety days after the action purporting to authorize such disposition was taken, and this time limit shall not be subject to suspension on any ground nor to interruption except by timely suit.
E. Upon the sale of all or substantially all of the assets of the bank, the certificate of authority of that bank shall be canceled as of the effective date of the agreement. The canceled certificate of authority shall then be filed by the bank with the recorder of mortgages in the parish of the selling bank's main office. This filing shall be made no later than thirty days following the cancellation of the certificate of authority.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 2001, No. 915, §1, eff. June 26, 2001; Acts 2003, No. 17, §1, eff. May 23, 2003; Acts 2003, No. 60, §1, eff. May 23, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:371. Voluntary liquidations and dissolutions of solvent banks with prior approval of commissioner

RS 6:371 - Voluntary liquidations and dissolutions of solvent banks with prior approval of commissioner
A. The stockholders of a state bank, by vote of two-thirds of the total voting power of the corporation or such larger vote as the articles may require, at a special meeting of the stockholders the notice of which shall set forth the proposed dissolution as the purpose of the meeting, may agree to appoint a liquidator and dissolve the state bank.
B. If the public interest will thereby be served, the commissioner shall approve the liquidation unless the bank is insolvent or in an impaired, unsafe, or unsound condition.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1989, No. 396, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:381. Definitions

RS 6:381 - Definitions
As used in this Subchapter:
(1) "Conservator" means the commissioner or his designee.
(2) "FDIC" means the Federal Deposit Insurance Corporation, and includes any successor to the corporation or other agency or instrumentality of the United States which may undertake to discharge the purposes of the corporation.
(3) "Receiver" means the person liquidating a state bank pursuant to Part II of this Subchapter.
(4) "Receivership court" means the district court for the parish in which the state bank is domiciled.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:382. Authority of commissioner to take possession and commence conservatorship of state bank

RS 6:382 - Authority of commissioner to take possession and commence conservatorship of state bank
A. The commissioner may, with the consent of the governor, take possession and act as conservator of a state bank in any case in which he finds that the bank:
(1) Is insolvent or in an unsafe or unsound condition to continue the business of banking.
(2) Has refused to pay its depositors or obligations in accordance with the terms under which such deposits or obligations were incurred.
(3) Has refused to submit its records and affairs for inspection or examination by federal or state banking authorities.
(4) Has violated any court order, statute, rule or regulation, or its articles, and the commissioner determines that continued control of its own affairs threatens injury to the public, the financial community, or its depositors and other creditors.
(5) Requests through its board of directors that the commissioner take possession for the benefit of depositors, other creditors, and stockholders.
(6) Has had its deposit insurance contract with the Federal Deposit Insurance Corporation terminated or is subject to an agreement or a final order to terminate that insurance.
B. The commissioner shall file an application to confirm the conservator and commence the conservatorship with the receivership court. The application shall recite one of the grounds for conservatorship provided in this Section. The court shall act upon the application forthwith and may proceed without notice to any person.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1987, No. 107, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:383. Transfer of title to bank assets; extension of prescriptive periods

RS 6:383 - Transfer of title to bank assets; extension of prescriptive periods
A. Upon confirmation of a conservator, title to all assets of the bank shall vest in the conservator without the execution of any instruments of conveyance, assignment, transfer, or endorsement.
B. Notwithstanding any other laws to the contrary, the prescriptive period shall be extended for a period of six months on all causes of action accruing to the conservator pursuant to Subsection A.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:384. Notice of conservatorship; effect

RS 6:384 - Notice of conservatorship; effect
Upon commencement of the conservatorship of any state bank, the conservator shall immediately post an appropriate notice of the conservatorship at the main entrance to the main office of the bank. No person who has actual knowledge of the conservatorship or who has been notified pursuant to this Section shall have a privilege for any payment, advance, or clearance thereafter made or for any liability thereafter incurred against any of the assets of the bank possessed by the conservator, nor shall the directors, officers, or agents of such bank thereafter have authority to act on behalf of said bank or to convey, transfer, assign, pledge, mortgage, or encumber any assets thereof.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:385. Conservator's power to manage and control bank

RS 6:385 - Conservator's power to manage and control bank
When a conservator has taken control of a state bank, he shall be vested with the full and exclusive power of management and control, including the power:
(1) To take possession of all books, records, and assets of the bank.
(2) To collect all debts, claims, and judgments belonging to the bank and to do such other acts as are necessary to preserve and liquidate its assets.
(3) To execute in the name of the bank any instrument necessary and proper to effectuate its powers or perform its duties as conservator.
(4) To initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the bank.
(5) To exercise any and all fiduciary functions of the bank as of the date of appointment as conservator.
(6) To borrow money as necessary in the conservatorship of the bank and to secure such borrowings by the pledge or mortgage of bank assets; the repayment of money borrowed under this Subsection and interest thereon shall be considered an expense of administration.
(7) To abandon or convey title to any holder of a mortgage, privilege, lien, or other security interest against property in which the bank has an interest whenever the conservator determines that to continue to claim such interest is burdensome and of no advantage to the bank, its depositors, creditors, or stockholders.
(8) Subject to the approval of the receivership court, to sell any and all movable and immovable property, to compromise any debt, claim, or judgment due to the bank, and to discontinue any action or other proceeding pending therefor.
(9) To terminate the conservatorship by restoring the bank to its board of directors or to commence a receivership of the state bank in accordance with Part II of this Subchapter.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:386. Objection to conservatorship

RS 6:386 - Objection to conservatorship
Within ten days after the commencement of the conservatorship, any interested party may file an application with the receivership court for an order vacating such conservatorship. Unless a receiver has been confirmed, the court shall grant the order if it finds that the action of the conservator was unauthorized under this Part.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:387. Decision to liquidate bank or terminate conservatorship

RS 6:387 - Decision to liquidate bank or terminate conservatorship
A. After conducting such investigations as circumstances may require and within six months of the initial filing of the petition pursuant to R.S. 6:382, the conservator shall terminate the conservatorship of the state bank or commence liquidation of the state bank if the state bank is insolvent, has had its deposit insurance with the Federal Deposit Insurance Corporation terminated, or is subject to an agreement or a final order to terminate that insurance. The conservator shall consult with the board of directors of the bank before making such decision.
B. If the conservator shall decide to terminate his possession of the state bank, he shall file a motion in the receivership court requesting dismissal of his petition. Upon the issuance of that order, the conservator shall relinquish management and control of the bank.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1987, No. 107, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:391. Commencement of receivership; confirmation of receiver

RS 6:391 - Commencement of receivership; confirmation of receiver
A. If the conservator shall determine to liquidate the state bank, he shall file a motion for an order from the receivership court to close the bank and commence liquidation thereof. The motion shall name the receiver of the state bank, who shall be the conservator unless some other person is appointed by the commissioner. The receiver shall apply for and shall be entitled to an ex parte order of the receivership court confirming his appointment.
B. The commissioner shall appoint the FDIC receiver if any of the deposits of the state bank are insured by the FDIC. The FDIC shall not be required to post bond.
C. Upon confirmation, the receiver shall be vested with all the powers granted a conservator in Part I of this Subchapter.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:392. Emergency sale of assets; purchase and assumption of assets

RS 6:392 - Emergency sale of assets; purchase and assumption of assets
The receiver may, with ex parte approval of the receivership court, sell all or any part of the bank's assets to another state or national bank or to the FDIC. In like manner, the receiver may borrow from the FDIC any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing bank, assigning any part or all of the assets of the bank as security for such loan.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:393. Notice to creditors and depositors

RS 6:393 - Notice to creditors and depositors
A. All persons having claims against the bank shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the bank is closed.
B. The receiver shall cause notice of the claims procedure to be published once a week for twelve consecutive weeks in a newspaper of general circulation in the parish of domicile of the bank and to be mailed to each person whose name appears as a creditor or depositor upon books of the bank at his last address of record.
C. Within one hundred eighty days following receipt of the claim, the receiver shall notify in writing any claimant whose claim has been rejected. Notice is effective when mailed. Any claimant whose claim has been rejected by the receiver may petition the receivership court for a hearing on his claim within sixty days from the date his claim is rejected.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:394. Payment of claims

RS 6:394 - Payment of claims
All claims filed after the one hundred eighty day claim period prescribed by R.S. 6:393 and subsequently accepted by the receiver or allowed by the receivership court shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date such claims are accepted or allowed.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:394.1. Right of set-off

RS 6:394.1 - Right of set-off
Notwithstanding Civil Code Articles 1893, et seq. or any other provision of law to the contrary, any funds held on deposit with any state bank on behalf of a depositor may be used by the depositor as a set-off against any and all loans, extensions of credit, or other obligations or indebtedness of the depositor owed to the depository bank in the event such bank is liquidated.
Acts 1986, No. 379, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:395. Distribution of assets

RS 6:395 - Distribution of assets
A. All claims against the bank's assets, proved to the receiver's satisfaction or approved by the receivership court, shall be paid in the following order:
(1) Administration expenses of the liquidation.
(2) Claims given priority under other provisions of state or federal law.
(3) Deposit obligations.
(4) Other general liabilities.
(5) Debt subordinated to the claims of depositors and general creditors.
(6) Equity capital securities.
B. No interest on any claim shall be paid until all claims within the same class have received the full principal amount of the claim.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:396. Termination of executory contracts

RS 6:396 - Termination of executory contracts
Within one hundred eighty days of the date of commencement of liquidation of the bank, the receiver may at his election reject any executory contract to which the bank is a party without any further liability to the bank or the receiver or any obligation of the bank as a lessee of movable or immovable property. The receiver's election to reject a lease creates no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for such termination not to exceed the equivalent of six months' payment.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:397. Subrogation to rights of bank depositors

RS 6:397 - Subrogation to rights of bank depositors
Whenever the FDIC pays or makes available for payment the insured deposit liabilities of a closed bank, the FDIC, whether or not it acts as receiver, shall be subrogated to all rights of depositors against the closed bank to the same extent as subrogation is provided for in the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq., in the case of a national bank.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:398. Liquidation procedures involving trust assets

RS 6:398 - Liquidation procedures involving trust assets
A.(1) The receiver, with the approval of the receivership court, has the authority to appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed bank as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities.
(2) The successor's duties and obligations commence upon appointment to the same extent binding upon the former bank and as though the successor has originally assumed such duties and obligations. Specifically, the successor shall succeed to and be entitled to administer all trusteeships, administrations, executorships, guardianships, agencies, and all other fiduciary or representative proceedings to which the closed bank is named or appointed by any other instrument, court order, or by operation of law.
B. Nothing in this Section shall be construed to impair the right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
C. Within thirty days after appointment, the successor shall give written notice, insofar as practicable, to all interested parties named in the books and records of the bank or in trust documents held by it that such successor has been appointed in accordance with state law.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:400. Discharge of receiver

RS 6:400 - Discharge of receiver
A. Whenever the receiver has paid all necessary costs and expenses of the liquidation of a bank, and has paid to every depositor and creditor of the bank, not including stockholders and their claims on account of stock owned by them, whose claims have been duly approved and allowed either the full amount of their claims or their equal and ratable proportion, and has made proper provision for all unclaimed balances on deposit, he shall call a meeting of the stockholders by giving notice thereof by advertisement published at least once a week for four weeks in a newspaper of general circulation in the parish of domicile of the bank. At this meeting the receiver shall appear and deliver to the stockholders or to the trustees hereinafter provided for, all of the remaining property, effects, books, records, or other assets of the bank.
B. At the meeting called by the receiver, the stockholders, by majority vote of those present or represented, may elect to retain some or all of the remaining assets in lieu of a dissolution thereof. Upon election by the stockholders to retain any of the assets, the corporate existence shall continue solely for the purpose of administering the assets for the benefit of the stockholders.
C. If the stockholders elect to retain any of the assets in lieu of dissolution, the stockholders, by majority vote of those present or represented, shall adopt a resolution providing for the following:
(1) The designation of three trustees, who need not be stockholders, to administer the affairs of the corporation, the term for which they shall serve, the manner of filling vacancies, and the method of electing their successors.
(2) The fixing of a day and date for the holding of an annual stockholders' meeting and the method of notice to the stockholders.
(3) The powers and duties of the trustees.
(4) The designation of a secretary who may be one of the three trustees and the term for which he shall serve.
D. Upon transfer and delivery the receiver is discharged from further liability to the corporation and its creditors.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:401. Exclusive procedures

RS 6:401 - Exclusive procedures
This Part provides the full and exclusive powers and procedures for the liquidation of state banks under the laws of this state, and no receiver or other liquidating agent shall be appointed for such purpose except as expressly provided in this Part.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:411. Engaging in business of banking without authority; penalty

RS 6:411 - Engaging in business of banking without authority; penalty
A. It shall be unlawful for any person other than a financial institution to engage in the business of banking anywhere in this state.
B. Financial institutions may only engage in the business of banking to the extent expressly permitted by the laws under which they are organized or licensed.
C. Whoever violates this Section shall be fined not more than one thousand dollars a day for each day or part of a day during which the violation continues.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:412. Unauthorized use of the word "bank" or similar words

RS 6:412 - Unauthorized use of the word "bank" or similar words
A. It shall be unlawful for any person other than a bank to:
(1) Use the word "bank", "banker", "banking", "trust", "trustee", "trust company", or any other word of similar import as part of its name or title, except that a trust created and operated pursuant to the provisions of the Louisiana Trust Code as contained in R.S. 9:1721 et seq., and a real estate investment trust authorized under the provisions of R.S. 12:491 et seq., may use the word "trust" as part of its name or title, and a trust company created and operated pursuant to the Louisiana Trust Company Law as contained in R.S. 6:571 et seq. shall use only the words "trust", "trustee", or "trust company" as part of its name or title;
(2) Make use of any office sign at the place where the business is transacted having thereon any words indicating that the place or office is that of a bank;
(3) Make use of or circulate any written, printed, or partly written and partly printed paper heading thereon any words indicating that the business is that of a bank; or
(4) Otherwise purport or represent to the public that that person is a bank or is engaged in the business of banking as a bank.
B. Whoever violates this Section shall be fined not more than one thousand dollars a day for each day or part of a day during which the violation continues.
C. Nothing in this Section shall be construed to prevent the use of the words "bank", "banks", "banker", "bankers", "banking", or any similar word in a context clearly not purporting to refer to a general banking business.
D. Nothing in this Section shall be construed to prevent the use of the word "trust", "trustee", "trust company" or any word of similar import as part of a name or title in a context clearly not purporting to refer to engaging in a general trust, trustee, or trust company business.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1986, No. 7, §1; Acts 1991, No. 200, §1; eff. July 2, 1991; Acts 2003, No. 573, §1, eff. June 27, 2003; Acts 2019, No. 190, §1, eff. June 11, 2019.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:413. Prohibited use of the term "insured savings"

RS 6:413 - Prohibited use of the term "insured savings"
A. No person shall offer, hold out, represent, or advertise any account, deposit, investment, stock purchase, indenture, passbook, or other evidence of a credit on deposit or maintained as an account as constituting "insured savings", or use the term "insured savings" with regard to any such account or deposit in any manner whatsoever unless such account or deposit is insured by the Federal Deposit Insurance Corporation or such other instrumentality of or corporation chartered by the United States as hereafter may be established for the purpose of insuring the withdrawal of any account or deposit.
B. Any person who is found guilty of a violation of any of the provisions of this Section shall be punishable by a fine of not more than one thousand dollars, and each day of violation shall constitute a separate offense.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.