(June 30, 1876, ch. 156, § 2, formerly § 1,19 Stat. 63; Pub. L. 86–230, § 16,Sept. 8, 1959, 73 Stat. 458; Pub. L. 102–242, title I, § 133(b),Dec. 19, 1991, 105 Stat. 2271; renumbered § 2 and amended Pub. L. 102–550, title XVI, § 1603(d)(6), (7),Oct. 28, 1992, 106 Stat. 4080; Pub. L. 109–351, title VII, § 701(a),Oct. 13, 2006, 120 Stat. 1984.)
A prior section 2 of act June 30, 1876, was classified to section
of this title, prior to repeal by Pub. L. 86–230
, § 8,Sept. 8, 1959, 73 Stat. 457
2006—Pub. L. 109–351
, § 701(a)(1), which directed the general amendment of the section catchline by replacing it with “Appointment of receiver for a national bank” followed by “(a) In general” and the words “The Comptroller of the Currency”, was executed by inserting the new catchline and the subsec. (a) designation and heading but not the words “The Comptroller of the Currency” which already appeared in text, to reflect the probable intent of Congress.
Subsec. (b). Pub. L. 109–351
, § 701(a)(2), added subsec. (b).
1992—Pub. L. 102–550
, § 1603(d)(7)(B), substituted “appoint a receiver for any national bank (and such receiver shall be the Federal Deposit Insurance Corporation if the national bank is an insured bank (as defined in section
of this title))” for “appoint the Federal Deposit Insurance Corporation as receiver for any national banking association” in introductory provisions.
Pub. L. 102–550
, § 1603(d)(6), amended directory language of Pub. L. 102–242
, § 133(b). See 1991 Amendment note below.
1991—Pub. L. 102–242
, § 133(b), as amended by Pub. L. 102–550
, § 1603(d)(6), amended section generally. Prior to amendment, section read as follows: “Whenever any national banking association shall be dissolved, and its rights, privileges, and franchises declared forfeited, as prescribed in section
of this title, or whenever any creditor of any national banking association shall have obtained a judgment against it in any court of record, and made application, accompanied by a certificate from the clerk of the court stating that such judgment has been rendered and has remained unpaid for the space of thirty days, or whenever the comptroller shall become satisfied of the insolvency of a national banking association, he may, after due examination of its affairs, in either case, appoint a receiver, who shall proceed to close up such association.”
1959—Pub. L. 86–230
struck out provisions which required receiver to enforce the personal liability of shareholders.
Effective Date of 2006 Amendment
Pub. L. 109–351
, title VII, § 701(c),Oct. 13, 2006, 120 Stat. 1985
, provided that: “The amendments made by subsections (a) and (b) [amending this section and section
of this title] shall apply with respect to conservators or receivers appointed on or after the date of enactment of this Act [Oct. 13, 2006].”
Effective Date of 1992 Amendment
Section 1609 ofPub. L. 102–550
“(a) In General.—Except as provided in subsection (b) or any other provision of this subtitle [subtitle A (§§ 1601–1609) of title XVI of Pub. L. 102–550
, see Tables for classification], the amendments made by this subtitle to the Federal Deposit Insurance Corporation Improvement Act of 1991, the Federal Deposit Insurance Act, and any other law shall take effect as if such amendments had been included in the Federal Deposit Insurance Corporation Improvement Act of 1991 [Pub. L. 102–242
] as of the date of the enactment of such Act [Dec. 19, 1991].
“(b) Effective Date of Certain Amendments.—In the case of any amendment made by this subtitle to any provision of law added or amended by the Federal Deposit Insurance Corporation Improvement Act of 1991 [see Tables for classification] effective after December 19, 1992, the amendment made by this subtitle shall take effect on the effective date of the amendment made by the Federal Deposit Insurance Corporation Improvement Act of 1991.”
Effective Date of 1991 Amendment
Section 133(g) ofPub. L. 102–242
provided that: “The amendments made by this section [amending this section and sections
of this title] shall become effective 1 year after the date of enactment of this Act [Dec. 19, 1991].”
Section 1 of act June 30, 1876, as added by act Oct. 28, 1992, Pub. L. 102–550
, title XVI, § 1603(d)(7)(A),
Stat. 4080, provided that: “This Act [enacting this section, sections
of this title, and section 424 of former Title 31, Money and Finance, and amending section
of this title] may be cited as the ‘National Bank Receivership Act’.”
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section
of this title.
Application to District of Columbia
Provisions of this section were made applicable to banks, etc., in the District of Columbia by act Mar. 4, 1933, ch. 274, § 4,47 Stat. 1567
Termination of National Bank Closed Receivership Fund
Pub. L. 96–221
, title VII, §§ 721–723,Mar. 31, 1980, 94 Stat. 190
, 191, as amended Pub. L. 97–320
, title IV, § 409,Oct. 15, 1982, 96 Stat. 1515
, provided that:
“Sec. 721. The purpose of this part [enacting this provision] is to terminate the closed receivership fund by—
“(1) providing final notice of availability of liquidating dividends to creditors of national banks which have been closed and for which the Comptroller has appointed a receiver other than the Federal Deposit Insurance Corporation;
“(2) barring rights of creditors to collect liquidating dividends from the Comptroller of the Currency after a reasonable period of time following such final notice; and
“(3) refunding to the Comptroller the principal amount of such fund and any income earned thereon.
“Sec. 722. For purposes of this part—
“(1) the term ‘closed receivership fund’ means the aggregation of undisbursed liquidating dividends from national banks which have been closed and for which the Comptroller has appointed a receiver other than the Federal Deposit Insurance Corporation, held by the Comptroller in his capacity as successor to receivers of those banks;
“(2) the term ‘Comptroller’ means the Comptroller of the Currency;
“(3) the term ‘claimant’ means a depositor or other creditor who asserts a claim against a closed national bank for a liquidating dividend; and
“(4) the term ‘liquidating dividend’ means an amount of money in the closed receivership fund determined by a receiver of a closed national bank or by the Comptroller to be owed by that bank to a depositor or other creditor.
“Sec. 723. (a) The Comptroller shall publish notice once a week for four weeks in the Federal Register that all rights of depositors and other creditors of closed national banks to collect liquidating dividends from the closed receivership fund shall be barred after twelve months following the last date of publication of such notice.
“(b) The Comptroller shall pay the principal amount of a liquidating dividend, exclusive of any income earned thereon, to a claimant presenting a valid claim, if the claimant applies to collect within twelve months following the last date notice is published.
“(c) If a creditor shall fail to apply to collect a liquidating dividend within twelve months after the last date notice is published, all rights of the claimant against the closed receivership fund with respect to the liquidating dividend shall be barred.
“(d) The principal amount of any liquidating dividends (1) for which claims have not been asserted within twelve months following the last date notice is published or (2) for which the Comptroller has determined a valid claim has not been submitted shall, together with any income earned on liquidating dividends and other moneys, if any, remaining in the closed receivership fund, be covered into the general funds of the Comptroller.”