32-1-512. Effect of posting notice.
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/mt/title-32/chapter-1/part-5/32-1-512·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
32-1-512 . Effect of posting notice. The posting of the notice by the directors of a bank or of a like notice by the department is sufficient to place all assets and property of the bank, of whatever nature and wherever located, in possession of the department and operates as a bar to an attachment or other legal proceedings against the bank or its assets. No valid lien or claim can be acquired or created, or transfer or assignment made in any manner, binding or affecting any of the assets of the bank after the posting of the notice or after taking possession of a bank by the department without its consent.