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119th Congress

Title 12 — Banks and Banking

Chapter 2 — National Banks

§ 191. Appointment of receiver for a national bank

Statutory text

(a)

In general

The Comptroller of the Currency may, without prior notice or hearings, 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 1813(h) of this title)) if the Comptroller determines, in the Comptroller’s discretion, that—

(1)

1 or more of the grounds specified in section 1821(c)(5) of this title exist; or

(2)

the association’s board of directors consists of fewer than 5 members.

(b)

Judicial review

If the Comptroller of the Currency appoints a receiver under subsection (a), the national bank may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such bank is located, or in the United States District Court for the District of Columbia, for an order requiring the Comptroller of the Currency to remove the receiver, and the court shall, upon the merits, dismiss such action or direct the Comptroller of the Currency to remove the receiver.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. Pub. L. 44–156 § 2 · 19 Stat. 63

    Enacted · 12 U.S.C. § 191

    June 30, 1876, ch. 156, § 2, formerly § 1, 19 Stat. 63

    Source evidence

    Code source credit
    June 30, 1876, ch. 156, § 2, formerly § 1, 19 Stat. 63

    Enacted provision · exact public law section
    Sec. 2. That when any national banking association shall have gone Individual liability of shareholders, how to be enforced. R. S., 5220, p. 1016. R. S., 5151, p. 1001. into liquidation under the provisions of section five thousand two hundred and twenty of said statutes, the individual liability of the shareholders provided for by section fifty-one hundred ed and fifty-one of said statutes may be enforced by any creditor of such association, by bill in equity, in the nature of a creditor’s bill, brought by such creditor on behalf of himself and of all other creditors of the association, against the shareholders thereof, in any court of the United States having original jurisdiction in equity for the district in which such association may have been located or established.

  2. Pub. L. 86–230 § 16 · 73 Stat. 457

    Struck · 12 U.S.C. § 191

    Pub. L. 86–230 struck out provisions which required receiver to enforce the personal liability of shareholders

    Source evidence

    Code amendment note
    Pub. L. 86–230 struck out provisions which required receiver to enforce the personal liability of shareholders.

    Enacted provision · exact public law section
    Sec. 16. Section 1 of the Act of June 30, 1876 (ch. 156, 19 Stat. 63; 12 U.S.C. 191), is amended by striking out and enforce the personal liability of the shareholders, as provided in section fifty-two hundred thirty-four of said statutes”.

  3. Federal Deposit Insurance Corporation Improvement Act of 1991

    Pub. L. 102–242 § 133(b) · 105 Stat. 2236

    1. Amended · 12 U.S.C. § 191

      Pub. L. 102–242, § 133(b), as amended by Pub. L. 102–550, § 1603(d)(6)

    2. Amended · 12 U.S.C. § 191

      Pub. L. 102–242, § 133(b), as 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 93 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.”

    Source evidence

    Code amendment note
    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 93 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.”

    Enacted provision · exact public law section
    (b) Conforming Amendment to Authority To Appoint Receiver for National Bank.— Section 1 of the Act of June 30, 1876 (12 U.S.C. 191) is amended to read as follows: “Section 1. The Comptroller of the Currency may, without prior notice or hearings, appoint the Federal Deposit Insurance Corporation as receiver for any national banking association if the Comptroller determines, in the Comptroller’s discretion, that— “(1) 1 or more of the grounds specified in section 11(c)(5) of the Federal Deposit Insurance Act exist; or “(2) the association’s board of directors consists of fewer than 5 members.”.

  4. Housing and Community Development Act of 1992

    Pub. L. 102–550 § 1603(d)(7)(B) · 106 Stat. 3672

    Substituted · 12 U.S.C. § 191

    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 1813(h) of this title))” for “appoint the Federal Deposit Insurance Corporation as receiver for any national banking association” in introductory provisions

    Source evidence

    Code amendment note
    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 1813(h) of this title))” for “appoint the Federal Deposit Insurance Corporation as receiver for any national banking association” in introductory provisions.

    Enacted provision · exact public law section
    (B) in section 2 (as amended by section 133(b) of the Federal Deposit Insurance Corporation Improvement Act of 1991 and redesignated by subparagraph (A) of this paragraph), by striking “appoint the Federal Deposit Insurance Corporation as receiver for any national banking association” and inserting “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 3(h) of the Federal Deposit Insurance Act))”.

  5. Housing and Community Development Act of 1992

    Pub. L. 102–550 § 1603(d)(6) · 106 Stat. 3672

    Amended · 12 U.S.C. § 191

    Pub. L. 102–550, § 1603(d)(6), amended directory language of Pub. L. 102–242, § 133(b). See 1991 Amendment note below

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–550, § 1603(d)(6), amended directory language of Pub. L. 102–242, § 133(b). See 1991 Amendment note below.

    Enacted provision · exact public law section
    (6) Section 133(b) of the Federal Deposit Insurance Corporation Improvement Act of 1991 is amended by striking “Section 1 of the Act of June 30, 1876” and inserting “The 1st section of the Act entitled ‘An Act authorizing the appointment of receivers of national banking associations, and for other purposes.’ and approved June 30,1876”.

  6. Pub. L. 109–351 § 701(a)(1) · 120 Stat. 1966

    Inserted · 12 U.S.C. § 191

    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

    Source evidence

    Code amendment note
    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.

    Enacted provision · exact public law section
    (1) by amending the section heading to read as follows: “SEC. 2. APPOINTMENT OF RECEIVER FOR A NATIONAL BANK. “(a) In General.— The Comptroller of the Currency” ; and

    Effective date note
    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 1821 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].”

  7. Pub. L. 109–351 § 701(a)(2) · 120 Stat. 1966

    Added · 12 U.S.C. § 191(b)

    Pub. L. 109–351, § 701(a)(2), added subsec. (b)

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 109–351, § 701(a)(2), added subsec. (b).

    Enacted provision · exact public law section
    (2) by adding at the end the following: “(b) Judicial Review.— If the Comptroller of the Currency appoints a receiver under subsection (a), Deadline. the national bank may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such bank is located, or in the United States District Court for the District of Columbia, for an order requiring the Comptroller of the Currency to remove the receiver, and the court shall, upon the merits, dismiss such action or direct the Comptroller of the Currency to remove the receiver.” .

    Effective date note
    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 1821 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].”

8 of 8 references resolved to an enrolled provision

Editorial Notes

Prior Provisions

A prior section 2 of act , was classified to section 65 of this title, prior to repeal by Pub. L. 86–230, § 8, , 73 Stat. 457.

Amendments1959–2006 · 4 rounds

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 1813(h) 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 93 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.

Statutory Notes and Related Subsidiaries

Effective Date of 2006 Amendment

Pub. L. 109–351, title VII, § 701(c), , 120 Stat. 1985, provided that: “The amendments made by subsections (a) and (b) [amending this section and section 1821 of this title] shall apply with respect to conservators or receivers appointed on or after the date of enactment of this Act [].”

Effective Date of 1992 Amendment

Pub. L. 102–550, title XVI, § 1609, , 106 Stat. 4090, provided that:

“(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 [].

“(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 , 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

Pub. L. 102–242, title I, § 133(g), , 105 Stat. 2273, provided that: “The amendments made by this section [amending this section and sections 203, 248, 1464, and 1821 of this title] shall become effective 1 year after the date of enactment of this Act [].”

Short Title

Act June 30, 1876, ch. 156, § 1, as added by Pub. L. 102–550, title XVI, § 1603(d)(7)(A), , 106 Stat. 4080, provided that: “This Act [enacting this section, sections 65 and 197 of this title, and section 424 of former Title 31, Money and Finance, and amending section 55 of this title] may be cited as the ‘National Bank Receivership Act’.”

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, , 94 Stat. 190, 191, as amended Pub. L. 97–320, title IV, § 409, , 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.”

Executive Documents

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 1 of this title.

Credits

1876–2006 · 5 acts
  1. 1876June 30, 1876, ch. 156, § 2, formerly § 1, 19 Stat. 63
  2. 1959Pub. L. 86–230, § 16, , 73 Stat. 458
  3. 1991Pub. L. 102–242, title I, § 133(b), , 105 Stat. 2271
  4. 1992renumbered § 2 and amended Pub. L. 102–550, title XVI, § 1603(d)(6), (7), , 106 Stat. 4080
  5. 2006Pub. L. 109–351, title VII, § 701(a), , 120 Stat. 1984.
Show as published

(June 30, 1876, ch. 156, § 2, formerly § 1, 19 Stat. 63; Pub. L. 86–230, § 16, , 73 Stat. 458; Pub. L. 102–242, title I, § 133(b), , 105 Stat. 2271; renumbered § 2 and amended Pub. L. 102–550, title XVI, § 1603(d)(6), (7), , 106 Stat. 4080; Pub. L. 109–351, title VII, § 701(a), , 120 Stat. 1984.)

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