Nebraska Revised Statute 8-1,103

Chapter 8 Section 1,103

8-1,103.

Insolvent banks; liquidation; Director of Banking and Finance; powers.

For the purpose of executing and performing any of the powers and duties hereby conferred upon him or her, the director may, in the name of the department or the insolvent bank or in his or her own name as director, prosecute and defend any and all actions and other legal proceedings and may, in the name of the department or the insolvent bank or in his or her own name as director, execute, acknowledge, and deliver any and all deeds, assignments, releases, and other instruments necessary and proper to effectuate any sale of real or personal property or sale or compromise authorized by order of the court as provided in the Nebraska Banking Act. Any deed or other instrument executed pursuant to such authority shall be valid and effectual for all purposes as though the same had been executed by the officers of the insolvent bank by authority of its board of directors.

Source

  • Laws 1933, c. 18, § 58, p. 165;
  • C.S.Supp.,1941, § 8-1,129;
  • R.S.1943, § 8-189;
  • Laws 1963, c. 29, § 103, p. 176;
  • Laws 1987, LB 2, § 16;
  • Laws 1998, LB 1321, § 22;
  • Laws 2017, LB140, § 100.
  • Operative Date: August 24, 2017

Annotations

  • Department of Banking is a legal entity entitled to sue and defend under this section. Department of Banking v. Hedges, 136 Neb. 382, 286 N.W. 277 (1939).