Banks; corporate status required; unlawful banking; penalty.

1. Law
2. Nebraska Revised Statutes
3. Banks and Banking
4. Banks; corporate status required; unlawful banking; penalty.

8-114. Banks; corporate status required; unlawful banking; penalty.

(1) It is unlawful for any person to conduct a bank within this state except by means of a corporation duly organized for such purpose under the laws of this state. It is unlawful for any corporation to receive money upon deposit or conduct a bank under the laws of this state until such corporation has complied with all the provisions and requirements of the Nebraska Banking Act.

(2) Any violation of this section is a Class V misdemeanor for each day of the continuation of such offense and is cause for the appointment of a receiver as provided in the act to wind up such banking business.

Source

• Laws 1909, c. 10, § 2, p. 66;
• R.S.1913, § 281;
• Laws 1919, c. 190, tit. V, art. XVI, § 3, p. 686;
• C.S.1922, § 7984;
• C.S.1929, § 8-115;
• R.S.1943, § 8-111;
• Laws 1963, c. 29, § 14, p. 139;
• Laws 1977, LB 40, § 39;
• Laws 1987, LB 2, § 3;
• Laws 1998, LB 1321, § 3;
• Laws 2017, LB140, § 15.

Annotations

• Where a federal savings and loan association installs a computer in a store to facilitate electronic transfer of funds between the association and its depositors, the store operator, by manning the computer, is not engaging in a banking or savings and loan business. State ex rel. Meyer v. American Community Stores Corp., 193 Neb. 634, 228 N.W.2d 299 (1975).

• It is unlawful to conduct a bank except by means of a corporation. First Nat. Bank & Trust Co. v. Ley, 182 Neb. 164, 153 N.W.2d 743 (1967).

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