U.S. Code » Title 12 » Chapter CHAPTER 2— NATIONAL BANKS › Subchapter SUBCHAPTER XIII— RECEIVERSHIP

12 U.S.C. § 192

Default in payment of circulating notes

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On becoming satisfied, as specified in sections 131 and 132 11 See References in Text note below. of this title, that any association is in default, the Comptroller of the Currency may forthwith appoint a receiver, and require of him such bond and security as he deems proper. Such receiver, under the direction of the Comptroller, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the real and personal property of such association, on such terms as the court shall direct. Such receiver shall pay over all money so made to the Treasurer of the United States, subject to the order of the Comptroller, and also make report to the Comptroller of all his acts and proceedings.

Provided, That the Comptroller may, if he deems proper, deposit any of the money so made in any regular Government depositary, or in any State or national bank either of the city or town in which the insolvent bank was located, or of a city or town as adjacent thereto as practicable; if such deposit is made he shall require the depositary to deposit United States bonds or other satisfactory securities with the Treasurer of the United States for the safekeeping and prompt payment of the money so deposited: Provided, That no security in the form of deposit of United States bonds, or otherwise, shall be required in the case of such parts of the deposits as are insured under section 12B of the Federal Reserve Act, as amended. Such depositary shall pay upon such money interest at such rate as the Comptroller may prescribe, not less, however, than 2 per centum per annum upon the average monthly amount of such deposits.
Notes of Decisions
Cited in 90 cases (2 in the last 5 years), 1929–2026 · leading case: Washington Fed. Sav. & Loan Ass'n v. Fed. Home Loan Bank Bd., 526 F. Supp. 343 (N.D. Ohio 1981).
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Washington Fed. Sav. & Loan Ass'n v. Fed. Home Loan Bank Bd., 526 F. Supp. 343 (N.D. Ohio 1981). · cites it 5× “These regulations were adopted by the Bank Board pursuant to 12 U.S.C. § 1464 (d)(11), which bestows on the Bank Board “power to make rules and regulations .”
Deitrick v. Greaney, 309 U.S. 190 (1940). · cites it 2× “NOTES [1] "No association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good…”
Fed. Deposit Ins. v. First Nat. Bank of Waukesha, 604 F. Supp. 616 (E.D. Wis. 1985). · cites it 3× “recognizing that proceedings under [ 12 U.S.C. § 192 ] are characteristically dissimilar from the many others routinely conducted, the Court is confident in concluding that it was a court of competent jurisdiction, constitutionally and lawfully authorized to hear and rule on the…”
Cooper v. O'CONNOR, 99 F.2d 135 (D.C. Cir. 1938). · cites it 2× “( 12 U.S.C.A. § 192 ). The duties of a receiver appointed by the Comptroller, as set out-in § 5234, R.”
Deutsche Bank Natl Trust Co. v. Joanna Burke, et a, 902 F.3d 548 (5th Cir. 2018). “2 Because the FDIC could sell "all the real and personal property" of IndyMac Federal Bank, see 12 U.S.C. § 192 , it necessarily had power to assign the rights under the note, including the foreclosure rights, 3 see Concierge Nursing Ctrs.”
Michelsen v. Penney, 135 F.2d 409 (2d Cir. 1943). · cites it 2× “[9] The court's approval of this settlement under 12 U.S.C.A. § 192 is to be treated as a step in the administrative approval of the bank's liquidation, rather than as a court judgment between the parties.”
Branch v. Fed. Deposit Ins., 825 F. Supp. 384 (D. Mass. 1993). “12 U.S.C. §§ 192 , 194, *392 1821(d)(2)(H).”
Texas Am. Bancshares, Inc. v. Robert Logan Clarke, the Comptroller of the Currency, Fed. Deposit Ins. Corp., 954 F.2d 329 (5th Cir. 1992). “” 12 U.S.C. § 192 . Section 194 provides that: “From time to time, .”
Brusselback v. Cago Corp., 85 F.2d 20 (2d Cir. 1936). · cites it 2× “§§ 5234, 5236, 12 U.S.C.A. §§ 192 , 194) the stockholders’ liability is enforced by a receiver, and the fund, when collected, is distributed by the Comptroller.”
Fed. Deposit Ins. v. Eagle Props., Ltd., 664 F. Supp. 1027 (W.D. Tex. 1985). “On October 14, 1983, the acting Comptroller of the Currency, acting pursuant to 12 U.S.C. § 192 , declared the First National Bank insolvent and appointed the FDIC as Receiver of First National Bank.”
Cooper v. O'Connor, 107 F.2d 207 (D.C. Cir. 1939). · cites it 2× “§§ 5234, 5236 (1878), 12 U.S.C. §§ 192 , 194 (1934), 12 U.S.C.A.”
Barbour v. Thomas, 86 F.2d 510 (6th Cir. 1936). “But, all this to one side, we are applying a federal statute in a suit by the receiver of a national bank to enforce the personal liability of its real shareholders for the benefits of its creditors and depositors. From this viewpoint the insistence that article IX-A was in…”
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