All assets of an insolvent financial institution are transferred to and vest by operation of law, state or federal, in the receiver or conservator duly appointed for that institution. Record notice of said transfer may be established either by: (a) recording of a photocopy of the order of insolvency and appointment of receiver as entered by the applicable federal or state regulator; or (b) recording of a subsequent assignment, discharge, or other instrument of conveyance of property interest by or on behalf of the receiver which recites the particulars of the insolvency and appointment of receiver.
Comment 1. Any instrument purporting to satisfy the notice requirements of this title standard should be indexed in the grantor index in the name of the failed financial institution as Grantor and in the name of the receiver as Grantee. If the instrument is a conveyance or assignment by the receiver to a third party, the instrument should also be indexed in the name of the receiver in the grantor index and in the name of the transferee in the grantee index.
This standard was added in 2003.