For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer under this chapter, the director may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes or other evidences of indebtedness and secure the repayment of the same by the mortgage, pledge, assignment, transfer in trust, or hypothecation of any or all of the property, whether real, personal, or mixed, of the insurer, and the director, subject to the approval of the court shall have power to take any and all other action necessary and proper to consummate the loan and to provide for its repayment. The director, shall be under no obligation personally or in an official capacity to repay a loan made under this section.
Section: Previous 21.78.160 21.78.170 21.78.180 21.78.190 21.78.200 21.78.210 21.78.220 21.78.230 21.78.240 21.78.250 21.78.251 21.78.252 21.78.253 21.78.260 21.78.270 NextLast modified: November 15, 2016