Florida Statute 658.79 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVIII
BANKS AND BANKING

Chapter 658
BANKS AND TRUST COMPANIES

View Entire Chapter

658.79 Taking possession of insolvent state banks or trust companies.—Whenever the office has reason to conclude, based upon the reports furnished to it by a state bank or trust company examiner or upon other satisfactory evidence, that any state bank or trust company:

(1) Is insolvent or imminently insolvent; or

(2) Is transacting its business in an unsound, unsafe, or unauthorized manner such that it is threatened with imminent insolvency,

the office may, in its discretion, forthwith designate and appoint a liquidator or receiver to take charge of the assets and affairs of such bank or trust company and require of him or her such bond and security as the office deems proper, not exceeding double the amount that may come into his or her hands. The office may enlist the services of any state or local law enforcement agency in taking possession and securing the assets of the bank or trust company.

History.—ss. 102, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 136, ch. 92-303; s. 541, ch. 97-102; s. 1796, ch. 2003-261.

F.S. 658.79 on Google Scholar

F.S. 658.79 on CourtListener

Amendments to 658.79

Annotations, Discussions, Cases:

Cases Citing Statute 658.79

Total Results: 6 | Sort by: Relevance | Newest First

Copy

Bayshore Exec. Plaza P'ship v. Fed. Deposit Ins., 750 F. Supp. 507 (S.D. Fla. 1990).

Cited 21 times | Published | District Court, S.D. Florida | 1990 U.S. Dist. LEXIS 14599, 1990 WL 165147

...The rent was to be paid in equal monthly installments payable on the first of each month. [3] On August 7, 1987, approximately eleven months after the lease agreements were entered into, Bayshore Bank was declared insolvent by the Comptroller of the State of Florida ("COMPTROLLER"). Pursuant to Florida Statute section 658.79 (1984), [4] the Comptroller named the FDIC as liquidator of Bayshore Bank....

...Such payments continued for nine consecutive months. In addition, the record indicates that the initial rent payment, on the second lease agreement, was made May 1, 1987 at the commencement of the lease term. These payments continued for five consecutive months. [4] Florida Statute section 658.79 states in pertinent part as follows: (1) Whenever the department has reason to conclude, based upon the reports furnished to it by a state bank or trust company examiner or upon other satisfactory evidence, that any state bank or trust...

Copy

Charter Exec. Ctr. Ltd. v. Fed. Deposit Ins. Corp. (In Re Charter Exec. Ctr. Ltd.), 34 B.R. 131 (Bankr. M.D. Fla. 1983).

Cited 8 times | Published | United States Bankruptcy Court, M.D. Florida | 1983 Bankr. LEXIS 6018

...on of the Congressional intent to stablize the banking industry after the dark days of bank failure during the Great Depression. In the present case, Metropolitan was closed by the Comptroller of the State of Florida pursuant to state law. Fla.Stat. § 658.79 (1981)....

Copy

Iberiabank v. Beneva 41-1, LLC, 701 F.3d 916 (11th Cir. 2012).

Cited 2 times | Published | Court of Appeals for the Eleventh Circuit | 2012 U.S. App. LEXIS 24696, 2012 WL 5974042

...B. Iberiabank brought this declaratory judgment action in the District Court for 3 The Florida Office of Financial Regulation took possession of Orion and appointed the FDIC as receiver pursuant to Fla. Stat. §§ 658.79, 658.80, and 658.81 (2009). Under § 658.79, the Office of Financial Regulation may designate a receiver to take charge of the assets and affairs of a bank “[w]henever the office has reason to conclude, based upon the reports furnished to it by a state bank or trust company examine...

Copy

Granada Lakes Villas Condo. Ass'n v. Metro-Dade Investments Co., 125 So. 3d 756 (Fla. 2013).

Cited 1 times | Published | Supreme Court of Florida | 38 Fla. L. Weekly Supp. 777, 2013 WL 5878908, 2013 Fla. LEXIS 2354

of winding up and liquidating a corporation); § 658.79, Fla. Stat. (2012) (authorizing the appointment

Copy

Anonymous Bank v. Florida Dep't of Banking & Fin., 512 So. 2d 1112 (Fla. Dist. Ct. App. 1987).

Published | District Court of Appeal of Florida | 12 Fla. L. Weekly 2298, 1987 Fla. App. LEXIS 10348

...der Subsection 6 but can only be done by proceeding pursuant to Subsection 3 of Section 655.033, Florida Statutes (1985). We note that proceedings pursuant to Subsection 8 are not confidential. We also note that the Department of Banking pursuant to Section 658.79, Florida Statutes (1985), has the power to order the immediate closing of a bank without notice if it finds that the bank is insolvent or insolvency is immediate, which the facts stated in this order would have permitted....

...Department of Professional Regulation, 388 So.2d 47 (Fla. 2d DCA 1980); Saviak v. Gunter, 375 So.2d 1080 (Fla. 1st DCA 1979); Barry v. Barchi, 443 U.S. 55 , 99 S.Ct. 2642 , 61 L.Ed.2d 365 (1979). Such an order is an alternative to the Department closing the bank without notice pursuant to Section 658.79, Florida Statutes (1985), which action as previously indicated would have been justified....

Copy

Crews Lake Road & Bridge Dist. v. Pineview Estates, Inc. (In re Pineview Estates, Inc.), 57 B.R. 483 (Bankr. M.D. Fla. 1986).

Published | United States Bankruptcy Court, M.D. Florida | 1986 Bankr. LEXIS 6985

State of Florida closed Metropolitan pursuant to § 658.-79 Fla.Stat. (1981). On February 12, 1982 the Comptroller

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. For legal consultation, call 904-383-7448.