1165.04 Possession of assets deemed transferred to superintendent.

Immediately upon the posting of notice on the doors of a savings bank by the superintendent of savings banks, as provided in section 1165.02 of the Revised Code, the possession of all assets of the savings bank shall be deemed transferred from the savings bank to the superintendent. The 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 the notice shall be prima-facie evidence of the time of posting. The posting shall bar any attachment, garnishment, execution, or other proceeding against the savings bank or its assets or liabilities. As of the time of the posting, the privilege of withdrawing stock deposits or matured stock shall cease; all 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 the posting, with other creditors, out of the funds produced by the liquidation of the savings bank, before distribution of the funds is made to shareholders on their shares. The posting shall terminate the authority of the savings bank to issue or sell its stock, to receive subscriptions therefor or payments thereon, or to receive deposits.

Effective Date: 10-23-1991