12 C.F.R. PART 558—POSSESSION BY CONSERVATORS AND RECEIVERS FOR FEDERAL AND STATE SAVINGS ASSOCIATIONS
Title 12 - Banks and Banking
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a.
(a) The conservator or receiver for a Federal or state savings association shall take possession of the savings association by taking possession of the principal office of the Federal or state savings association in accordance with the terms of the Director's appointment. (b) Upon taking possession, the conservator or receiver shall immediately: (1) Give notice of the appointment to any officer or employee in the principal office who appears to be in charge of that office. (2) Serve a copy of the order of appointment upon the savings association or upon its conservator or receiver by: (i) Leaving a certified copy of the order of appointment at the principal office of the savings association; or (ii) Handing a certified copy of the order of appointment to the previous conservator, receiver or other legal custodian of the savings association, or to the officer or employee of the savings association or of the previous conservator, receiver or other legal custodian in the principal office of the savings association who appears to be in charge. (3) Take possession of the savings association's books, records and assets. (4) Notify in writing, served personally or by registered mail or telegraph, all persons and entities that the conservator or receiver knows to be holding or in possession of assets of the savings association, that the conservator or receiver has succeeded to all rights, titles, powers and privileges of the savings associations. (5) File with the Corporate Secretary a statement that possession was taken, including the time of the taking, which statement shall be conclusive evidence thereof. (6) Post a notice on the door of the principal and other offices of the savings association in the form prescribed by the Director of the OTS. (7) By operation of law and without any conveyance or other instrument, act or deed, succeed to the rights, titles, powers and privileges of the savings association, and to the rights, powers, and privileges of its stockholders, members, accountholders, depositors, officers, and directors. No stockholder, member, accountholder, depositor, officer or director shall thereafter have or exercise any right, power, or privilege, or act in connection with any of the savings association's assets or property. [58 FR 4312, Jan. 14, 1993, as amended at 59 FR 53571, Oct. 25, 1994] If the Director of the OTS appoints a conservator or receiver under this part, notice of the appointment shall be filed immediately for publication in the [59 FR 53571, Oct. 25, 1994]
Title 12: Banks and Banking
PART 558—POSSESSION BY CONSERVATORS AND RECEIVERS FOR FEDERAL AND STATE SAVINGS ASSOCIATIONS
Section Contents
§ 558.1 Procedure upon taking possession.
§ 558.2 Notice of appointment.
§ 558.1 Procedure upon taking possession.
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§ 558.2 Notice of appointment.
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