Florida Statutes
Fla. Stat. § 658.79 (2025)
Taking possession of insolvent state banks or trust companies.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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658.79 Taking possession of insolvent state banks or trust companies.—Whenever the office has reason to conclude, based upon the reports furnished to it by a state bank or trust company examiner or upon other satisfactory evidence, that any state bank or trust company:
(1) Is insolvent or imminently insolvent; or
(2) Is transacting its business in an unsound, unsafe, or unauthorized manner such that it is threatened with imminent insolvency,
the office may, in its discretion, forthwith designate and appoint a liquidator or receiver to take charge of the assets and affairs of such bank or trust company and require of him or her such bond and security as the office deems proper, not exceeding double the amount that may come into his or her hands. The office may enlist the services of any state or local law enforcement agency in taking possession and securing the assets of the bank or trust company.
History.—ss. 102, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 136, ch. 92-303; s. 541, ch. 97-102; s. 1796, ch. 2003-261.
Notes of Decisions
Cited in 7
cases, 1983–2013 · leading case: Fed. Deposit Ins. Corp. v. Haddad, 778 F. Supp. 1559 (S.D. Fla. 1991).
Fed. Deposit Ins. Corp. v. Haddad, 778 F. Supp. 1559 (S.D. Fla. 1991). “Thereafter, in accordance with Fla.Stat. §§ 658.79, 658.80, the FDIC was appointed as liquidator of the bank and simultaneous therewith, the Eleventh Judicial Circuit Court in and for Dade County, Florida, confirmed the FDIC’s appointment and approved the sale of a portion of…”
Bayshore Exec. Plaza P'ship v. Fed. Deposit Ins., 750 F. Supp. 507 (S.D. Fla. 1990). “Pursuant to Florida Statute section 658.79 (1984), 4 the Comptroller named the FDIC as liquidator of Bayshore Bank.”
Iberiabank v. Beneva 41-1, LLC, 701 F.3d 916 (11th Cir. 2012). “The Florida Office of Financial Regulation took possession of Orion and appointed the FDIC as receiver pursuant to Fla. Stat. §§ 658.79 , 658.80, and 658.81 (2009).”
Charter Exec. Ctr. Ltd. v. Fed. Deposit Ins. Corp. (In Re Charter Exec. Ctr. Ltd.), 34 B.R. 131 (Bankr. M.D. Fla. 1983). “Fla.Stat. § 658.79 (1981). The FDIC was appointed as liquidator, and proceeded to consummate a purchase and assumption transaction pursuant to 12 U.”
Granada Lakes Villas Condo. Ass'n v. Metro-Dade Investments Co., 125 So. 3d 756 (Fla. 2013). “(2012) (authorizing the appointment of a receiver for the purpose of winding up and liquidating a corporation); § 658.79, Fla. Stat. (2012) (authorizing the appointment of a receiver for an insolvent bank for the purpose of taking charge of the assets and affairs of the bank).”
Anonymous Bank v. Florida Dep't of Banking & Fin., 512 So. 2d 1112 (Fla. 3d DCA 1987). “We also note that the Department of Banking pursuant to Section 658.79, Florida Statutes (1985), has the power to order the immediate closing of a bank without notice if it finds that the bank is insolvent or insolvency is immediate, which the facts stated in this order would…”
Fed. Deposit Ins. v. Haddad, 826 F. Supp. 1419 (S.D. Fla. 1993). “Thereafter, in accordance with Fla.Stat. §§ 658.79 and 658.80, the FDIC was appointed as liquidator of the bank.”
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