§ 19306.
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/vt/title-8/chapter-209/19306A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 19306. Federal deposit insurance corporation
If the Federal Deposit Insurance Corporation shall have been appointed receiver of a closed Vermont financial institution, it may advance, with the consent and approval of the Superior judge, monies to pay insured deposits or for other proper purposes and shall have a lien upon all or any part of the assets of such financial institution as the court may direct for the repayment of such advances, which shall be deemed to be in the nature of a loan, but provision shall be made in such order to secure ultimately as large a percentage payment on account of uninsured deposits as would be finally available for such deposits if such assets were not so pledged.
The Federal Deposit Insurance Corporation, whether or not acting as receiver, may become the purchaser of any assets of such Vermont financial institution that have been offered for public bids, under such terms and conditions as the Superior judge may direct, provided that the purchase be approved by the Superior judge after hearing held on such reasonable notice by publication or otherwise as the Superior judge may direct. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)