1157.04 Effect of posting notice.

Immediately upon the posting of notice on the doors of a building and loan association by the superintendent of building and loan associations, as provided in section 1157.02 of the Revised Code, the possession of all assets of such association shall be deemed transferred from such association to the superintendent. Such posting shall of itself, and without the execution or delivery of any instruments of conveyance, assignment, transfer, or indorsement, vest the title to all such assets in the superintendent. The time of posting stated in such notice shall be prima-facie evidence of the time of posting. Such posting shall bar any attachment, garnishment, execution, or other proceeding against such association or its assets or liabilities. As of the time of such posting, the privilege of withdrawing stock deposits or matured stock shall cease; withdrawal values shall be fixed; and interest on deposits shall cease to accrue at the rate specified in the contracts of deposit, but without prejudice to the rights of depositors to receive interest from the date of such posting, with other creditors, out of the funds produced by the liquidation of such association, before distribution of such funds made to shareholders on their shares. Such posting shall terminate the authority of such association to issue or sell its stock, to receive subscriptions therefor or payments thereon, or to receive deposits.

Effective Date: 10-01-1953