§ 191. — Appointment of Federal Deposit Insurance Corporation as receiver.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC191]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XIII--RECEIVERSHIP
Sec. 191. Appointment of Federal Deposit Insurance Corporation
as receiver
The Comptroller of the Currency may, without prior notice or
hearings, appoint a receiver for any national bank (and such receiver
shall be the Federal Deposit Insurance Corporation if the national bank
is an insured bank (as defined in section 1813(h) of this title)) if the
Comptroller determines, in the Comptroller's discretion, that--
(1) 1 or more of the grounds specified in section 1821(c)(5) of
this title exist; or
(2) the association's board of directors consists of fewer than
5 members.
(June 30, 1876, ch. 156, Sec. 2, formerly Sec. 1, 19 Stat. 63; Pub. L.
86-230, Sec. 16, Sept. 8, 1959, 73 Stat. 458; Pub. L. 102-242, title I,
Sec. 133(b), Dec. 19, 1991, 105 Stat. 2271; renumbered Sec. 2 and
amended Pub. L. 102-550, title XVI, Sec. 1603(d)(6), (7), Oct. 28, 1992,
106 Stat. 4080.)
Prior Provisions
A prior section 2 of act June 30, 1876, was classified to section 65
of this title, prior to repeal by Pub. L. 86-230, Sec. 8, Sept. 8, 1959,
73 Stat. 457.
Amendments
1992--Pub. L. 102-550, Sec. 1603(d)(7)(B), substituted ``appoint a
receiver for any national bank (and such receiver shall be the Federal
Deposit Insurance Corporation if the national bank is an insured bank
(as defined in section 1813(h) of this title))'' for ``appoint the
Federal Deposit Insurance Corporation as receiver for any national
banking association'' in introductory provisions.
Pub. L. 102-550, Sec. 1603(d)(6), amended directory language of Pub.
L. 102-242, Sec. 133(b). See 1991 Amendment note below.
1991--Pub. L. 102-242, Sec. 133(b), as amended by Pub. L. 102-550,
Sec. 1603(d)(6), amended section generally. Prior to amendment, section
read as follows: ``Whenever any national banking association shall be
dissolved, and its rights, privileges, and franchises declared
forfeited, as prescribed in section 93 of this title, or whenever any
creditor of any national banking association shall have obtained a
judgment against it in any court of record, and made application,
accompanied by a certificate from the clerk of the court stating that
such judgment has been rendered and has remained unpaid for the space of
thirty days, or whenever the comptroller shall become satisfied of the
insolvency of a national banking association, he may, after due
examination of its affairs, in either case, appoint a receiver, who
shall proceed to close up such association.''
1959--Pub. L. 86-230 struck out provisions which required receiver
to enforce the personal liability of shareholders.
Effective Date of 1992 Amendment
Section 1609 of Pub. L. 102-550 provided that:
``(a) In General.--Except as provided in subsection (b) or any other
provision of this subtitle [subtitle A (Secs. 1601-1609) of title XVI of
Pub. L. 102-550, see Tables for classification], the amendments made by
this subtitle to the Federal Deposit Insurance Corporation Improvement
Act of 1991, the Federal Deposit Insurance Act, and any other law shall
take effect as if such amendments had been included in the Federal
Deposit Insurance Corporation Improvement Act of 1991 [Pub. L. 102-242]
as of the date of the enactment of such Act [Dec. 19, 1991].
``(b) Effective Date of Certain Amendments.--In the case of any
amendment made by this subtitle to any provision of law added or amended
by the Federal Deposit Insurance Corporation Improvement Act of 1991
[see Tables for classification] effective after December 19, 1992, the
amendment made by this subtitle shall take effect on the effective date
of the amendment made by the Federal Deposit Insurance Corporation
Improvement Act of 1991.''
Effective Date of 1991 Amendment
Section 133(g) of Pub. L. 102-242 provided that: ``The amendments
made by this section [amending this section and sections 203, 248, 1464,
and 1821 of this title] shall become effective 1 year after the date of
enactment of this Act [Dec. 19, 1991].''
Short Title
Section 1 of act June 30, 1876, as added by act Oct. 28, 1992, Pub.
L. 102-550, title XVI, Sec. 1603(d)(7)(A), 106 Stat. 4080, provided
that: ``This Act [enacting this section, sections 65 and 197 of this
title, and section 424 of former Title 31, Money and Finance, and
amending section 55 of this title] may be cited as the `National Bank
Receivership Act'.''
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under section 1
of this title.
Application to District of Columbia
Provisions of this section were made applicable to banks, etc., in
the District of Columbia by act Mar. 4, 1933, ch. 274, Sec. 4, 47 Stat.
1567.
Termination of National Bank Closed Receivership Fund
Pub. L. 96-221, title VII, Secs. 721-723, Mar. 31, 1980, 94 Stat.
190, 191, as amended Pub. L. 97-320, title IV, Sec. 409, Oct. 15, 1982,
96 Stat. 1515, provided that:
``Sec. 721. The purpose of this part [enacting this provision] is to
terminate the closed receivership fund by--
``(1) providing final notice of availability of liquidating
dividends to creditors of national banks which have been closed and
for which the Comptroller has appointed a receiver other than the
Federal Deposit Insurance Corporation;
``(2) barring rights of creditors to collect liquidating
dividends from the Comptroller of the Currency after a reasonable
period of time following such final notice; and
``(3) refunding to the Comptroller the principal amount of such
fund and any income earned thereon.
``Sec. 722. For purposes of this part--
``(1) the term `closed receivership fund' means the aggregation
of undisbursed liquidating dividends from national banks which have
been closed and for which the Comptroller has appointed a receiver
other than the Federal Deposit Insurance Corporation, held by the
Comptroller in his capacity as successor to receivers of those
banks;
``(2) the term `Comptroller' means the Comptroller of the
Currency;
``(3) the term `claimant' means a depositor or other creditor
who asserts a claim against a closed national bank for a liquidating
dividend; and
``(4) the term `liquidating dividend' means an amount of money
in the closed receivership fund determined by a receiver of a closed
national bank or by the Comptroller to be owed by that bank to a
depositor or other creditor.
``Sec. 723. (a) The Comptroller shall publish notice once a week for
four weeks in the Federal Register that all rights of depositors and
other creditors of closed national banks to collect liquidating
dividends from the closed receivership fund shall be barred after twelve
months following the last date of publication of such notice.
``(b) The Comptroller shall pay the principal amount of a
liquidating dividend, exclusive of any income earned thereon, to a
claimant presenting a valid claim, if the claimant applies to collect
within twelve months following the last date notice is published.
``(c) If a creditor shall fail to apply to collect a liquidating
dividend within twelve months after the last date notice is published,
all rights of the claimant against the closed receivership fund with
respect to the liquidating dividend shall be barred.
``(d) The principal amount of any liquidating dividends (1) for
which claims have not been asserted within twelve months following the
last date notice is published or (2) for which the Comptroller has
determined a valid claim has not been submitted shall, together with any
income earned on liquidating dividends and other moneys, if any,
remaining in the closed receivership fund, be covered into the general
funds of the Comptroller.''
Section Referred to in Other Sections
This section is referred to in sections 197, 205 of this title.
