Tennessee Code Annotated
Tenn. Code Ann. § 45-2-802 (2026)
Appointment of federal deposit insurance corporation as receiver of state bank - Powers and duties
✓ current as of May 2026
- (a) The federal deposit insurance corporation may be appointed receiver of any state bank, the deposits in which are to any extent insured by that corporation and that has been closed on account of inability to meet the demands of its depositors, or otherwise by the law of Tennessee.
- (b) The commissioner, after taking possession of a state bank, shall have the right to appoint the federal deposit insurance corporation as receiver.
- (c) Upon acceptance of the appointment as receiver, the federal deposit insurance corporation shall not be required to post bond or security.
- (d) If the corporation accepts the appointment, it shall have and possess all of the duties, powers, and privileges provided by the laws of this state with respect to receivers of closed banks, except insofar as the duties, powers, and privileges are in conflict with the Federal Deposit Insurance Act. In addition, the federal deposit insurance corporation as receiver shall have the right to make an emergency sale of assets of a closed bank, as provided in part 15 of this chapter.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-502; Acts 1980, ch. 510, § 1.
Notes of Decisions
Cited in 5
cases, 1984–1992 · leading case: Fed. Deposit Ins. v. Berry, 659 F. Supp. 1475 (E.D. Tenn. 1987).
Fed. Deposit Ins. v. Berry, 659 F. Supp. 1475 (E.D. Tenn. 1987). “In the instant case the Tennessee Commissioner of Banking pursuant to TCA § 45-2-802 appointed the FDIC as liquidating agent of UAB/HC immediately after the Commissioner closed the bank.”
Fed. Deposit Ins. Corp. v. Allen, 584 F. Supp. 386 (E.D. Tenn. 1984). “Subsequently on May 27, 1983, the Receivership for the UAB-C was tendered to the FDIC pursuant to T.C.A. § 45-2-802 which appointment was accepted.”
In re the Liquidation of United S. Bank of Nashville, 718 S.W.2d 251 (Tenn. 1986). “In the complaint appellants recited the following background events: that on 27 May 1983 the Commissioner of Banking of Tennessee assumed possession of USBN, determined that it should be liquidated, appointed FDIC as receiver pursuant to the authority granted the Commissioner in…”
In re the Liquidation of United Am. Bank in Knoxville, 743 S.W.2d 911 (Tenn. 1987). “The Commissioner then appointed the FDIC as receiver pursuant to T.C.A. § 45-2-802; the FDIC duly accepted this appointment under 12 U.”
In re the Liquidation of City & Cnty. Bank of Knox Cnty., 856 S.W.2d 137 (Tenn. Ct. App. 1992). “The Commissioner appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of the closed bank pursuant to T.C.A. § 45-2-802. The FDIC accepted the appointment, as it was required to do under 12 U.”
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