Iowa Code § 524.1311: Involuntary dissolution after commencement of business — receivership procedure.

1. Under the receivership, a diligent effort shall be made to collect and realize on the assets of the state bank and to make distribution of the proceeds from time to time to those entitled thereto. The federal deposit insurance corporation may execute assignments, releases, and satisfactions to effectuate sales and transfers as receiver or after the receivership has terminated. The federal deposit insurance corporation may sell or compound all bad or doubtful debts, and may sell all the real and personal property of such state bank.

2. After the involuntary dissolution of a state bank, the superintendent shall file notice of the dissolution with the secretary of state. No fee shall be charged by the secretary of state for the filing. The corporate existence of the state bank shall cease upon filing of the notice of dissolution with the secretary of state.