Appraisal of assets of doubtful value.
1. If any assets of a bank are of a doubtful or disputed value, the Commissioner may have an appraisal of such assets made. In making such appraisal, the Commissioner shall designate one agent as an appraiser; the bank shall designate one agent as an appraiser; and the two chosen appraisers shall designate a third.
2. The selected appraisers shall make an appraisal of the assets designated as doubtful or disputed, and file a written report of their appraisal with the bank and with the Commissioner. In making such appraisal, the appraisers shall determine the actual cash market value of such assets. The appraisal, when made, must be accepted as the value of such assets for the purpose of examination or for the purpose of determining the actual cash market value of such assets.
3. The appraisers must not be interested in any way, either in the bank or as an employee of the Commissioner, and all expenses of such appraisal must be paid by the bank whose assets are appraised.
4. If any bank fails to appoint an appraiser within 10 days after the date on which the Commissioner designates an appraiser pursuant to subsection 1, the Commissioner may apply to the district court of the county in which the bank is located for the appointment of such an appraiser, and the court shall make the appointment for the bank.
Last modified: February 26, 2006