{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.77","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.77","heading":"Liquidation by Federal Deposit Insurance Corporation","body":"A. The Federal Deposit Insurance Corporation (FDIC) may act\n\nwithout bond as the liquidating agent of any insured association\n\nclosed by the State Banking Commissioner.\n\nB. The Commissioner, upon closing an insured association, may\n\ntender to the FDIC the appointment as liquidator of such\n\nassociation.\n\nC. Upon being notified in writing of the acceptance of such an\n\nappointment, the Commissioner shall immediately file in the office\n\nof the county clerk of the county where the main office of the\n\ninsured association is situated a certificate evidencing the\n\nappointment of the FDIC as liquidator. Upon the filing of the\n\ncertificate the possession of all the assets, business and property\n\nof such association of every kind and nature, wheresoever situated,\n\nshall be deemed transferred from such association and the\n\nCommissioner to the FDIC. Without the execution of any instruments\n\nof conveyance, assignment, transfer or endorsement, the title to all\n\nsuch assets and property shall be vested in the FDIC and the\n\nCommissioner thereafter shall be forever relieved from any and all\n\nresponsibility and liability with respect to the liquidation of such\n\nassociation. With respect to a federal association, it shall be\n\nsufficient to file a certified copy of the resolution of the\n\nDirector of the Office of Thrift Supervision appointing a receiver.\n\nD. When the Director of the Office of Thrift Supervision or\n\nFDIC transfers all real property, interests in real property, and\n\nliens on real property of a closed insured association or federal\n\nassociation, collectively referred to for the purpose of this\n\nsubsection as the \"transferred property\", to a single existing\n\nassociation, federal association or bank or a newly chartered\n\nfederal association, the Director of the Office of Thrift\n\nSupervision or FDIC shall file a memorandum of transfer or a\n\nmemorandum of assignment so stating in the office of the county\n\nclerk of the county where real property records must be recorded\n\nwith respect to the transferred property. The memorandum shall be\n\nexecuted by an authorized special representative of the Director of\n\nthe Office of Thrift Supervision or of the FDIC and shall have\n\nattached to it certified copies of the resolutions of the Director\n\nof the Office of Thrift Supervision or of the FDIC appointing and\n\nauthorizing the special representative and authorizing the transfer.\n\nIn that event, regardless of whether the date of closing predates\n\nthis statute, it shall not be necessary for the memorandum to\n\ndescribe the transferred property with specificity, nor shall it be\n\nnecessary for any of the transferred property to be separately\n\nconveyed to the transferee association, federal association or bank\n\nby an additional instrument. Thereafter, when the transferee\n\nassociation, federal association or bank conveys, assigns, or\n\nreleases any of the transferred property, such conveyances,\n\nassignments, and releases shall recite that the transferee\n\nassociation, federal association or bank is successor in title to\n\nthe closed association as evidenced by the memorandum of transfer or\n\nthe memorandum of assignment and shall further recite the date and\n\ncounty of filing and the book and page of recording the memorandum.\n\nE. If the FDIC accepts the appointment as liquidator, it shall\n\nhave and possess all the powers and privileges provided by the laws\n\nof this state with respect to the liquidation of an insured\n\nassociation and with respect to the depositors and other creditors\n\nof such an association and shall proceed in liquidation as if it\n\nwere the Commissioner, and shall have the right and power, upon the\n\norder of a court of record of competent jurisdiction, to enforce the\n\nindividual liability of the directors of any such association.\n\nF. To the extent that any action is required or permitted to be\n\ntaken by the FDIC or the Director of the Office of Thrift\neditors\n\nof such an association and shall proceed in liquidation as if it\n\nwere the Commissioner, and shall have the right and power, upon the\n\norder of a court of record of competent jurisdiction, to enforce the\n\nindividual liability of the directors of any such association.\n\nF. To the extent that any action is required or permitted to be\n\ntaken by the FDIC or the Director of the Office of Thrift\n\nSupervision pursuant to the terms of this section, any similar\n\naction taken by the Federal Savings and Loan Insurance Corporation\n\nor the Federal Home Loan Bank Board as predecessor federal agencies,\n\neither prior to or subsequent to the effective date of this section,\n\nshall be equally legal and effective as if such action were taken by\n\nthe FDIC or the Director of the Office of Thrift Supervision\n\npursuant to the authorization granted herein.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a894558992fe28a9eec00461757a34f3fa9ee8e9c1624bff0111ea5ac02d038d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.76","next":"us-ok/okla.-stat.-tit.-18-18-381.78"},"notice":"GroundRules: Original legal text. Not legal advice."}