6-395.07. Sale of bank assets; authority to borrow monies; injunction; hearing
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/az/title-6/6-395-07A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The receiver may sell all or any part of the bank's assets to another bank, to a savings and loan association, to the federal deposit insurance corporation or to an instrumentality of the United States government. The receiver may borrow from the federal deposit insurance corporation, an instrumentality of the United States government or a private insurer which insures or guarantees the bank's investment certificates any amount necessary to facilitate the assumption of investment certificate liabilities by a newly chartered or existing bank, assigning any part or all of the assets of the bank as security for that loan.
B. If the receiver has taken possession of the property and business of a bank, that bank, within ten days after the taking, if it deems itself aggrieved, may apply to the court in the county in which the principal place of business of the bank is located to enjoin further proceedings. The receiver may exercise all powers granted by this article during the ten day period after taking possession of the property and business of the bank. The court, after ordering the receiver to show cause why further proceedings should not be enjoined and after a hearing and a determination of the facts on the merits, may dismiss the application or enjoin the receiver from further proceedings and direct the receiver to surrender the property and business to the bank or make such further order as the court determines.