A bank chartered in this or another state may sell any asset in the ordinary course of business or, with the approval of the banking board, in any other circumstance. The sale of all, or substantially all, of the assets of a bank or of a department thereof is governed by section 11-103-709.
Source: L. 2003: Entire article added with relocations, p. 1125, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1466, § 13, effective July 1.
Editor's note: This section is similar to former § 11-8-103 as it existed prior to 2003. 11-105-404. Pledge of assets. (1) A state bank may pledge its assets to:
(a) Enable it to act as agent for the sale of obligations of the United States; (b) Secure borrowed funds; (c) Secure deposits if:
The depositor is required to obtain such security by the laws of the United States, bythe terms of any interstate compact, by the laws of any state, or by the order of a court of competent jurisdiction; or
The state bank secures the deposit with a letter of credit issued or confirmed by afederal home loan bank; or
(d) Otherwise comply with the provisions of this code.
Source: L. 2003: Entire article added with relocations, p. 1125, § 3, effective July 1. L. 2009: (1)(c) amended, (HB 09-1053), ch. 159, p. 689, § 7, effective August 5.
Editor's note: This section is similar to former § 11-8-105 as it existed prior to 2003.