“Vanishes in puff of smoke”

September 10, 2012

  • 52 Banks and Banking
  • 52XI Federal Deposit Insurance Corporation
  • 52k505 k. Powers, Functions and Dealings in General.

52 Banks and BankingFailed institution ceases to exist and vanishes in puff of smoke, when the Federal Deposit Insurance Corporation (FDIC) is appointed as receiver.
F.D.I.C. v. N. Savannah Properties, LLC, 686 F.3d 1254 (11th Cir. July 12, 2012)
Suggested by Tim Daniels, Principal Attorney Editor, Thomson Reuters