Powers and duties of receiver; disposition of fiduciary and custodial accounts.

CFR · 2024-01-01 · US · Title 12

(a) (1) Takes possession of the books, records and other property and assets of the uninsured bank, including the value of collateral pledged by the uninsured bank to the extent it exceeds valid and enforceable security interests of a claimant; (2) Collects all debts, dues and claims belonging to the uninsured bank, including claims remaining after set-off; (3) Sells or compromises all bad or doubtful debts, subject to approval by a court of competent jurisdiction; (4) Sells the real and personal property of the uninsured bank, subject to approval by a court of competent jurisdiction, on such terms as the court shall direct; and (5) Deposits all receivership funds collected from the liquidation of the uninsured bank in an account designated by the OCC. (b) (c) (d) (e) (2) The Comptroller may reduce the fees of the receiver for an uninsured bank if, in the Comptroller's discretion, the Comptroller finds the performance of the receiver to be deficient, or the fees of the receiver to be excessive, unreasonable, or beyond the scope of the work assigned to the receiver.

official document · source cfr-2024 · id 12:§ 51.7