reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1123 | Banking Commission › Section 1123.04 | Immunity of Banking Commission Members.

Effective:
January 1, 1997
Latest Legislation:
House Bill 670 - 121st General Assembly
Neither the deputy superintendent for banks nor any other member of the banking commission is liable, in any civil or criminal action or proceeding, for any mistake of judgment or discretion in any action taken, or in any omission made, by the member in good faith.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.01 | Jurisdiction of Court.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) As used in this chapter, "court" means the court of common pleas of the county in which the principal place of business of a state bank, as set forth in its articles of incorporation, is located or of any other county determined by the superintendent of financial institutions to be appropriate under the circumstances.
(B) The court shall have exclusive original jurisdiction of any action or proceeding relating to or arising out of the taking of possession of the property and business of a state bank under this chapter, whether before or after the bank is wound up and dissolved, as well as any action or other proceeding brought under this chapter.
(C) Whenever the approval of the court is required for any act under this chapter, that approval may be given with or without a hearing held upon whatever notice, if any, the court may direct, unless otherwise provided in this chapter. At a hearing, the court, by order, may approve the actions petitioned.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.03 | Voluntary Liquidation.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A state bank may proceed with a voluntary liquidation and be closed only with both the consent of the superintendent of financial institutions and the prior approval of the shareholders or members of the bank by a vote as provided for in its articles of incorporation, if not less than a majority.
(B) Prior to instituting a voluntary liquidation, a state bank shall submit to the superintendent an application for approval of its plan of voluntary liquidation and evidence satisfactory to the superintendent that the plan has been properly adopted by the bank and approved by its shareholders or members.
(C) A state bank's plan of voluntary liquidation shall include provisions for all of the following:
(1) The settlement of all debts and liabilities, including the claims of account holders, owed by the bank;
(2) The distribution of the bank's assets that remain after the settlement of debts and liabilities to all persons entitled to them;
(3) The disposition or maintenance of any remaining or unclaimed funds, real or personal property, either tangible or intangible, or other assets, whether in trust or otherwise, including the contents of safe deposit boxes or vaults;
(4) The retention of the bank's records in accordance with section 1109.69 of the Revised Code;
(5) The date upon which the bank shall cease doing any banking business and surrender its banking license to the superintendent.
(D) Upon receipt of a plan of voluntary liquidation, the superintendent shall make an examination of the bank and shall consent to or deny an application for approval of a plan based upon the superintendent's evaluation of whether or not the interests of the bank's depositors and creditors will suffer by the liquidation.
(E) The superintendent's consent to an application for approval of a plan of voluntary liquidation may be subject to any condition the superintendent determines appropriate under the circumstances.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.04 | Superintendent's Consent to Voluntary Liquidation.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) If the superintendent of financial institutions consents to a voluntary liquidation, the superintendent shall cause a certified copy of the consent to be filed in the office of the secretary of state, and the state bank to be liquidated shall do both of the following:
(1) Publish a notice of the voluntary liquidation once a week for four consecutive weeks in a newspaper of general circulation in the county in which the bank's principal place of business is located;
(2) Give written notice of the voluntary liquidation, either personally or by mail, to all known creditors of and all known claimants against the bank.
(B) Compliance with the notice and publication requirements of division (A) of this section satisfies any duplicate or similar notice and publication requirements of Chapter 1701. of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.05 | Continued Supervision of Voluntary Dissolution.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A voluntary liquidation of a state bank shall be conducted only with the continued supervision of the superintendent of financial institutions. The superintendent may conduct any additional examinations of the bank the superintendent considers necessary or appropriate.
(B) If the superintendent has reason to conclude the liquidation of a state bank is not being safely or expeditiously conducted, the superintendent may take possession of the business and property of the bank in the same manner, with the same effect, and subject to the same rights accorded the bank as if the superintendent had taken possession under the receivership provisions of this chapter. The superintendent may proceed to liquidate the affairs of the bank in the same manner as otherwise provided in this chapter.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.06 | Submission of Documents After Completion of Voluntary Liquidation.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Upon completion of a voluntary liquidation, the liquidated state bank shall submit to the superintendent of financial institutions all documents required under Chapter 1701. of the Revised Code for a dissolution. The superintendent shall consent to the dissolution, and shall cause a certified copy of the consent to be filed, along with the bank's dissolution documents, in the office of the secretary of state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.09 | Conditions Necessary for Appointment of Conservator.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a state bank and to retain possession until the bank resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The bank is in an unsafe or unsound condition to continue the business of banking.
(B) The bank is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The bank has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the bank's depositors or other creditors.
(D) The bank has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The bank has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the bank or a majority of its shareholders or members has requested the superintendent to appoint a conservator to take possession of the bank.
(G) Either all positions on the board of directors of the bank are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The bank has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the bank's depositors or other creditors.
(I) The bank's status as an insured institution has been terminated by the federal deposit insurance corporation.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.10 | Appointment of Conservator.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) If it appears to the superintendent of financial institutions that any one or more of the conditions set forth in section 1125.09 of the Revised Code exists as to any state bank, the superintendent may appoint a conservator, which appointment may include the superintendent, and thereafter may dismiss or replace the conservator as the superintendent determines necessary or advisable. The superintendent may fix the compensation to be paid the conservator and the amount of the bond or other security, if any, to be required.
(B) The superintendent may, from time to time, appoint one or more special deputy superintendents as agent or agents to assist in the duties of conservatorship.
(C) The superintendent, any special deputy superintendents, or a conservator may employ and procure whatever assistance or advice is necessary in the conservatorship of the bank, and, for that purpose, may retain officers or employees of the bank as needed.
(D) The superintendent may terminate the conservatorship at any time, and may appoint a receiver for liquidation of the bank on any of the grounds provided in this chapter for appointment of a receiver.
(E) All expenses of a conservatorship shall be paid out of the assets of the bank, and shall be a lien on the bank's assets, which lien shall be prior to any other lien.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.11 | Filing Certified Copy of Certificate of Appointment.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Upon the appointment of a conservator, the superintendent of financial institutions shall file a certified copy of the certificate of appointment in the office of the secretary of state, and thereafter no person shall obtain a lien or charge upon any assets of the state bank for any payment, advance, clearance, or liability thereafter made or incurred, nor shall the directors, officers, or agents of the bank thereafter have authority to act on behalf of the bank or to convey, transfer, assign, pledge, mortgage, or encumber any of the bank's assets.
(B) The filing of the certificate of appointment in accordance with this section shall not be a condition to either the superintendent's taking possession of the property and business of a state bank or appointing a conservator for a state bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.12 | Powers of Conservator.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A conservator, under the supervision of the superintendent of financial institutions and subject to any limitations imposed by the superintendent, shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the state bank;
(2) To have and exercise, in the name and on behalf of the bank, all the rights, powers, and authority of the officers and directors of the bank and all voting rights of its shareholders or members;
(3) To collect all debts, claims, and judgments belonging to the bank and to take any other action, including the lending of money, necessary to the operation of the bank during the conservatorship;
(4) To execute in the name of the bank any instrument necessary or proper to effectuate the conservator's powers or perform its duties as conservator;
(5) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the bank;
(6) To exercise all fiduciary functions of the bank as of the date of appointment as conservator;
(7) To borrow money as necessary in the operation of the bank, and to secure those borrowings by the pledge or mortgage of the assets of the bank;
(8) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the bank has an interest, whenever the conservator determines that continuing to claim that interest is burdensome and of no advantage to the bank or its account holders, creditors, shareholders, or members;
(9) If done in good faith within the ordinary course of business or financial affairs of the bank and according to ordinary business terms, to sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the bank, to discontinue any pending action or other proceeding, and to implement a restructuring of the bank in accordance with this chapter.
(B) Title to any assets of the bank does not vest in the conservator.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.13 | Conduct of Business During Conservatorship.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
During the period of the conservatorship, all of the following apply:
(A) The conservator may permit the state bank to continue to conduct its usual business, including the acceptance of deposits.
(B) The obligations of the state bank shall continue to bear interest at the rate contracted.
(C) The conservator shall make whatever reports to the superintendent of financial institutions the superintendent may from time to time require.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.14 | Recommendation of Conservator.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The conservator shall evaluate the business and assets of the state bank and, after conducting whatever investigations the circumstances may require, shall recommend to the superintendent of financial institutions that either the conservatorship of the bank be terminated or the superintendent appoint a receiver and the bank be liquidated as otherwise provided in this chapter. The conservator shall consult with the board of directors of the bank before making the recommendation.
(B) The conservator of the bank may submit a plan to the superintendent for approval to restructure the bank in a manner designed to return the bank to the control of its shareholders or members. As part of the plan, the conservator may take any steps the superintendent approves regarding the management, operations, or assets of the bank, including the sale of some or all of the bank's assets. The conservator shall consult with the board of directors of the bank regarding any proposed sale of all or substantially all of the bank's assets.
(C) The superintendent may require the conservator to submit the plan to the shareholders or members of the bank as provided in division (D) of this section or to submit a new or revised plan for consideration by the superintendent.
(D) If the conservator's plan is submitted to the shareholders or members pursuant to division (C) of this section, the superintendent shall designate the contents of notice of the vote that is to be forwarded from the conservator to the shareholders or members and shall designate the date upon which notice is to be forwarded. The date of the shareholder or member vote shall be determined by the superintendent, but shall not occur earlier than seven days or later than forty-five days after the date of the notice.
If the majority of the shareholders or members do not approve the plan, the superintendent may request submission of a new plan or proceed to appoint a receiver without regard to the grounds for appointment of a receiver as otherwise provided in this chapter. If the majority of the shareholders or members approve the plan, the superintendent may terminate the conservatorship, and the shareholders or members shall elect directors to manage the bank.
(E) The superintendent, at any time, including after the date notice of a vote is provided to shareholders or members of the bank under division (D) of this section, may revoke a previously approved plan of the conservator and either provide for, or request submission of, a new plan or proceed with receivership under this chapter.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.17 | Full and Exclusive Powers and Procedures for Liquidation of Banks.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
This chapter 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 that purpose except as expressly provided in this chapter.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.18 | Conditions Necessary for Taking Possession of State Bank Property and Business.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
The superintendent of financial institutions may take possession of the property and business of a state bank if the superintendent finds any one or more of the following conditions:
(A) The bank is in an unsafe or unsound condition to continue the business of banking.
(B) The bank is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The bank has refused to submit its records or affairs to the inspection or examination of any federal bank regulatory agency or the superintendent.
(D) The bank has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(E) A majority of the board of directors of the bank has requested the superintendent to appoint a receiver to take possession of the bank for the benefit of account holders, creditors, shareholders, or members.
(F) The bank has violated any order of a court or of the superintendent, any statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the bank's depositors or other creditors.
(G) The bank's status as an insured institution has been terminated by the federal deposit insurance corporation.
(H)(1) In the case of a stock state bank, the bank has an impairment of paid-in capital.
(2) In the case of a mutual state bank, the bank has an impairment of retained earnings.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.19 | Filing Certified Copy of Certificate of Appointment.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Upon issuing a written finding that any one or more of the conditions set forth in section 1125.18 of the Revised Code for taking possession of a state bank exists and taking possession of the state bank, the superintendent of financial institutions shall file a certified copy of the finding and the notice of possession with the court.
(B) Upon the appointment of a receiver, the superintendent shall file a certified copy of the certificate of appointment in the office of the secretary of state and with the court.
(C) After the superintendent files the finding of the superintendent or the certificate of appointment of the receiver, whichever occurs first, no person shall obtain a lien or charge upon any assets of the bank for any payment, advance, clearance, or liability thereafter incurred, nor shall the directors, officers, or agents of the bank have authority to act on behalf of the bank or to convey, transfer, assign, pledge, mortgage, or encumber any assets of the bank.
(D) Upon taking possession of the bank, the superintendent shall post or cause to be posted an appropriate notice of closing at the main entrance of each of the bank's banking offices.
(E) Neither filing nor posting of notice in accordance with this section shall be a condition to either the superintendent's taking possession of the property and business of a state bank or appointing a receiver for a state bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.20 | Appointment as Receiver to Federal Deposit Insurance Corporation.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) If it appears to the superintendent of financial institutions that any one or more of the conditions set forth in section 1125.18 of the Revised Code exists as to any state bank, the superintendent shall tender appointment as receiver to the federal deposit insurance corporation if any deposits in the state bank are insured by the federal deposit insurance corporation, and may tender appointment as receiver to the federal deposit insurance corporation in any other case. Upon acceptance of the appointment as receiver, the federal deposit insurance corporation shall not be required to post a bond. In addition to the powers of a receiver set forth in this chapter, the federal deposit insurance corporation, as receiver, may exercise any other liquidation or receivership powers authorized by state or federal law for a receiver of a bank.
(B) If the federal deposit insurance corporation declines to accept the tendered appointment or if the superintendent is not required to tender appointment as receiver to the federal deposit insurance corporation, the superintendent may appoint, and thereafter dismiss or replace, any other receiver, including the superintendent, the superintendent determines to be necessary or advisable. The superintendent may fix the compensation to be paid the receiver and the amount of the bond or other security, if any, to be required.
(C) The superintendent may, from time to time, appoint one or more special deputy superintendents as agent or agents to assist in the duties of receivership or of liquidation and distribution. No agent so appointed shall be subject to section 1181.05 of the Revised Code.
(D) The superintendent, any special deputy superintendents, or a receiver may employ and procure whatever assistance or advice is necessary in the receivership or liquidation and distribution of the assets of the bank, and, for that purpose, may retain officers or employees of the bank as needed.
(E) All expenses of a receivership and liquidation shall be paid out of the assets of the bank, and shall be a lien on the bank's assets, which lien shall be prior to any other lien.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.21 | Title Vested in Receiver.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Upon the superintendent of financial institutions' appointment of a receiver, title to all of the state bank's assets shall vest in the receiver without the execution of any instrument of conveyance, assignment, transfer, or endorsement.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.22 | Powers of Receiver.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A receiver shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the state bank;
(2) To collect all debts, claims, and judgments belonging to the bank and to take any other action, including the lending of money, necessary to preserve and liquidate the assets of the bank;
(3) To execute in the name of the bank any instrument necessary or proper to effectuate the receiver's powers or perform its duties as receiver;
(4) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the bank;
(5) To exercise all fiduciary functions of the bank as of the date of appointment as receiver;
(6) To borrow money as necessary in the liquidation of the bank, and to secure those borrowings by the pledge or mortgage of assets of the bank;
(7) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the bank has an interest, whenever the receiver determines that continuing to claim that interest is burdensome and of no advantage to the bank or its account holders, creditors, shareholders, or members;
(8) To sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the bank, to discontinue any pending action or other proceeding, and to sell or otherwise transfer all or a substantial portion of the assets or liabilities of the bank;
(9) To establish ancillary receiverships in any jurisdiction the receiver determines necessary;
(10) To distribute assets in accordance with this chapter;
(11) To take any other action incident to the powers set forth in division (A) of this section.
(B) Unless specifically indicated to the contrary, the powers conferred upon a receiver under this section may be exercised without court approval. However, nothing in this section shall be construed to prevent a receiver from obtaining court approval when the receiver determines approval is appropriate under the circumstances.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.23 | Presenting and Disposing of Claims.

Effective:
March 20, 2019
Latest Legislation:
House Bill 489 - 132nd General Assembly
(A) The receiver shall promptly cause notice of the claims procedure to be published, in print or in a comparable electronic format, once a month for two consecutive months in a local newspaper of general circulation and to be mailed to each person whose name appears as a creditor upon the books of the state bank, at the last address of record.
(B)(1) All parties having claims of any kind against the bank, including prior judgments and claims of security, preference, priority, and offset, shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the date of the first publication of notice of the claims procedure or after actual receipt of notice of the claims procedure, whichever occurs first.
(2) Within one hundred eighty days after receipt of a claim, the receiver shall notify the claimant in writing whether the claim has been allowed or disallowed. The receiver may reject any claim in whole or in part, or may reject any claim of security, preference, priority, or offset against the bank. Any claimant whose claim has been rejected by the receiver shall petition the court for a hearing on the claim within sixty days after the date the notice was mailed or be forever barred from asserting the rejected claim.
(C) Any claims filed after the claim period and subsequently accepted by the receiver or allowed by the 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 the claims are accepted or allowed.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.24 | Paying Claims.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) All claims against the state bank's estate and expenses, proved to the receiver's satisfaction or approved by the court, shall be paid in the following order:
(1) Expenses of liquidation and receivership, including money borrowed under authority of division (A)(6) of section 1125.22 or division (A)(7) of section 1125.12 of the Revised Code and interest on it, and claims for fees and assessments due the superintendent of financial institutions;
(2) Claims given priorities under other provisions of state or federal law;
(3) Wages, salaries, or commissions, including vacation, severance, and sick leave pay, of officers and employees earned during the one-month period preceding the date of the bank's closing in an amount, before applicable taxes and other withholdings, that does not exceed one thousand dollars for any one person;
(4) Deposit obligations;
(5) Other general liabilities;
(6) Obligations subordinated to deposits and other general liabilities.
(B) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or provided for in full.
(C) Any funds remaining after satisfying the requirements of divisions (A) and (B) of this section shall be paid to the shareholders or members.
(D) Payment on claims shall be made pro rata among claims of the kind specified in each class set forth in division (A) of this section.
(E) Subject to the approval of the court, the receiver may designate a separate class of claims consisting only of every unsecured claim that is less than, or reduced to, an amount the court approves for payment as reasonable and necessary for administrative convenience.
(F) Subject to the approval of the court, the receiver may make periodic and interim liquidating dividends or payments.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.25 | Election to Reject or Ratify and Assign Executory Contract.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Within one hundred days after the date of the closing of a state bank, a receiver may reject any executory contract to which the bank is a party without any further liability on the part of the bank or the receiver. The receiver's election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.
(B) A receiver may ratify and assign any executory contract to which the bank is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the bank or the appointment of a receiver.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.26 | Subrogation Rights of Federal Deposit Insurance Corporation.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Whenever the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of a state bank, the federal deposit insurance corporation, whether or not it acts as receiver, shall be subrogated to the extent of the payments to all rights of depositors against the bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.27 | Receiver May Appoint Successor.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The receiver may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed state bank as trustee, administrator, executor, guardian, agent, or in any other fiduciary or representative capacity. The successor's duties and obligations commence upon appointment to the same extent they are binding upon the former bank and as though the successor had originally assumed the 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 in wills, whenever probated, or to which it is appointed by any other instrument, court order, or operation of law.
(B) Within sixty 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 the successor has been appointed in accordance with state law.
(C) Nothing in this section shall be construed to impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.28 | Filing Operates as Automatic Stay.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The filing with the court of the finding of the superintendent of financial institutions or the certificate of appointment of the receiver, whichever occurs first, operates as an automatic stay from the date of the filing, subject to the court granting a motion for relief from the stay, applicable to all persons, of both of the following:
(1) The commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against the state bank that was or could have been commenced before the filing;
(2) The enforcement against the bank of a judgment or other claim obtained before the filing, including claims of security, preference, priority, and offset.
(B) Upon the filing with the court of the finding of the superintendent or the certificate of appointment of the receiver, whichever occurs first, any other pending judicial, administrative, or other action or proceeding against the bank shall, upon motion of the receiver, be consolidated into one action or transferred as a separate matter before the presiding judge of the court having jurisdiction of the receivership, subject, however, to the automatic stay provided in division (A) of this section. Subject to the receiver's option to have an action later consolidated or transferred, any action commenced after the superintendent's filing shall be filed as a separate matter before the presiding judge in the court having jurisdiction over the receivership.
(C) The superintendent, prior to the appointment of a receiver, or the receiver, after its appointment, shall be the only party named in an action involving a state bank subject to this chapter.
(D) Any action seeking to enjoin the superintendent's order appointing a receiver of a state bank shall be brought prior to the date the receiver sells all or substantially all of the assets of the bank, prior to the date the receiver transfers all or substantially all of the insured deposits to an assuming institution, or within ten days after the issuance of the order, whichever is earliest.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.29 | Order Declaring Bank Properly Wound Up and Dissolved.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) When a receiver has completed the liquidation of a state bank, the receiver shall, with notice to the superintendent of financial institutions, petition the court for an order declaring the bank properly wound up and dissolved.
(B) After whatever notice and hearing, if any, the court may direct, the court may make an order declaring the bank properly wound up and dissolved. The order shall do both of the following, to the extent applicable:
(1) Declare all of the following:
(a) The bank has been properly wound up.
(b) All known assets of the bank have been distributed according to the distribution priorities set forth in this chapter.
(c) The bank is dissolved.
(2) If there are known debts or liabilities, describe the provision made for their payment, setting forth whatever information may be necessary to enable the creditor or other person to whom payment is to be made to appear and claim payment of the debt or liability.
(C) The order shall confirm a plan by the receiver for the disposition or maintenance of any remaining real or personal property or other assets, whether held in trust or otherwise and including the contents of safe deposit boxes or vaults, held by the bank for its account holders, creditors, lessees, shareholders, or members. The plan shall include written notice to all known owners or beneficiaries of the assets, to be sent by first class mail to each individual's address as shown on the records of the bank.
(D) The court may make whatever additional orders and grant whatever further relief it determines proper upon the evidence submitted.
(E) Once the order is made declaring the bank dissolved, the corporate existence of the bank shall cease, except for purposes of any necessary additional winding up.
(F) Once the order is made declaring the bank dissolved, the receiver shall promptly file a copy of the order, certified by the clerk of the court, with both the secretary of state and the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.30 | Receiver May Destroy Records.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Subject to the approval of the court, the receiver may destroy the records of the state bank in accordance with section 1109.69 of the Revised Code after the receiver determines there is no further need for them. However, the receiver shall not destroy the records earlier than six months after the date the bank is declared dissolved by the court.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1125 | Banks - Liquidations and Conservatorships › Section 1125.33 | Damages; Immunity.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) No damages may be awarded in a proceeding brought pursuant to this chapter challenging any action by the superintendent of financial institutions, special deputy superintendent, receiver, or conservator, or any employee of any of them, or any person retained for services under this chapter. Any action for damages shall be brought in the court as a separate action.
(B) The superintendent, special deputy superintendent, receiver, conservator, or any employee of any of them, or any person retained for services under this chapter, is not subject to any civil liability or penalty, or to any criminal prosecution, for any error in judgment or discretion made in good faith in any action taken or omitted in an official capacity under this chapter.
(C) The superintendent, special deputy superintendent, receiver, conservator, or any employee of any of them, or any person retained for services under this chapter, is not liable in damages for any action or failure to act unless it is proved by clear and convincing evidence in court that the action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to any of the state bank, its shareholders, its members, its depositors, or its creditors, or undertaken with reckless disregard for the best interests of any of the bank, its shareholders, its members, its depositors, its creditors, or the public.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.01 | Actions by a Regulated Person Constituting Criminal Offense.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) For purposes of this section and sections 1127.02 and 1127.03 of the Revised Code, "regulated person" has the same meaning as in section 1121.01 of the Revised Code.
(B) Any of the following actions by a regulated person may constitute a violation of section 1127.08 of the Revised Code or of a theft, fraud, falsification, or other similar offense set forth in Title XXIX of the Revised Code, or may constitute an attempt to commit or complicity to commit a violation of section 1127.08 of the Revised Code or of a theft, fraud, falsification, or other similar offense set forth in Title XXIX of the Revised Code:
(1) Embezzling, abstracting, or purposely misapplying any money, funds, credit, or property of a bank or trust company, whether owned, on deposit, or held in trust by the bank or trust company;
(2) Fraudulently issuing a certificate of deposit or other instrument or evidence of deposit;
(3) Knowingly making a false entry in any book, report, or statement of a bank or trust company;
(4) Knowingly making a false entry of interest or principal on a note or any other asset of a bank or trust company;
(5) Knowingly falsifying, concealing, or covering up by any trick, scheme, or device a material fact, making any false, fictitious, or fraudulent statements or representations, or making or using any false writing or document knowing it to contain any false, fictitious, or fraudulent statement or entry with respect to any bank or trust company;
(6) Knowingly making a false written statement or certification as to any property held in trust by, or in the custody of, a bank or trust company;
(7) Knowingly borrowing, soliciting, obtaining, or receiving money for a bank or trust company intended to become the property of the bank or trust company, with purpose to defraud or injure the bank or trust company or another person;
(8) Purposely certifying a check or other item drawn on a bank unless the drawer of the check or other item has on deposit with the bank an amount of money subject to payment of the check or other item and at least equal to the amount of the check or other item, or purposely certifying a check or other item drawn on the bank and failing immediately to charge the amount of the check or other item against the account of the drawer;
(9) Directly or indirectly engaging in any activity, utilizing any procedure, scheme, or device, or receiving any false, fictitious, or fraudulent obligation or item, for the purpose of evading or circumventing the prohibitions set forth in division (B)(8) of this section.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.02 | Insolvent Bank Receiving Deposit.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
No regulated person shall receive, or permit to be received, money, checks, drafts, or other property as a deposit in a bank, when the regulated person knows the bank is insolvent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.03 | Unlawful Fees for Procuring Bank or Trust Company Services.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) No regulated person shall, except as provided by law, stipulate for or receive any fee, commission, gift, or thing of value from any person for procuring or endeavoring to procure for that person, or for any other person, any loan, extension or renewal of a loan, or substitution of security from any bank or trust company, or the purchase, discount, or acceptance of any paper, note, draft, check, or bill of exchange by any bank or trust company.
(B) Division (A) of this section does not prohibit any bona fide salary, wages, fees, or other compensation paid, or expenses reimbursed, in the usual course of business by a bank or trust company to a regulated person, or normal business amenities that facilitate the discussion of business, foster good business relations, or serve some other demonstrable business purpose.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.06 | Violation of Superintendent of Financial Institutions Order.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
No person subject to an order issued by the superintendent of financial institutions under section 1121.33 or 1121.34 of the Revised Code shall knowingly participate, directly or indirectly, in any manner, including by engaging in an activity specifically prohibited in the order, in the conduct of the affairs of any bank or trust company.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.08 | False, Misleading, Forged, or Counterfeit Documents.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
No person, for the purpose of influencing in any manner the actions or decisions of the superintendent of financial institutions in the superintendent's capacity as chief executive officer of the division of financial institutions, shall knowingly make or provide to the superintendent or any employee or agent of the division, or knowingly invite reliance by any of them upon, a statement, document, or other thing the person knows to be false, misleading, forged, or counterfeit.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.09 | False or Misleading Communications.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
No person shall knowingly make, publish, or otherwise communicate any statement, report, information, or data relating to the financial or other condition of any bank or trust company that the person knows to be false or misleading.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.11 | Concealing Assets.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
No person shall knowingly do any of the following:
(A) Conceal or attempt to conceal an asset or property from a conservator, receiver, or liquidating agent appointed by the superintendent of financial institutions with respect to any asset acquired or liability assumed by the conservator, receiver, or liquidating agent;
(B) Impede or attempt to impede the functions of the conservator, receiver, or liquidating agent;
(C) Place or attempt to place any asset or property beyond the reach of the conservator, receiver, or liquidating agent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1127 | Banks - Crimes and Prohibited Activities › Section 1127.99 | Penalty.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) Whoever violates section 1127.06, 1127.08, or 1127.11 of the Revised Code is guilty of a felony of the third degree.
(B) Whoever violates section 1127.02 or 1127.03 of the Revised Code is guilty of a felony of the fourth degree.
(C) Whoever violates section 1127.09 of the Revised Code is guilty of a felony of the fifth degree.