Receiver: Appointment by Commissioner; court confirmation; powers and authority; compensation.
1. If the Commissioner finds that any association:
(a) Is in an impaired condition;
(b) Is engaging in practices which threaten to result in an impaired condition; or
(c) Is in violation of an order or injunction, as provided in NRS 673.495, which has become final in that the time to appeal has expired without appeal or a final order entered from which there can be no appeal,
Ê the Commissioner may appoint a receiver for the association, which may be the Commissioner, his deputy or any other person, and upon such appointment shall apply immediately to a court of general jurisdiction in the county in which the home office of the association is located for confirmation of the appointment. The court has exclusive jurisdiction to determine the issues and all related matters. Such proceedings must be given precedence over other cases pending in the court, and must in every way be expedited. The court shall confirm the appointment if it finds that one or more grounds exist, and a certified copy of the order of the court confirming the appointment is evidence thereof. In the case of an insured association, the appointment by the Commissioner of a receiver under this section constitutes an official determination of a public authority of this state pursuant to which a receiver is appointed for the purpose of liquidation as contemplated by and within the meaning of section 406 of the National Housing Act of 1934, as amended, if, within 10 days after the date the application of the Commissioner is filed, confirmation of such appointment or denial of confirmation has not been issued by the court. The receiver has all the powers and authority of a conservator plus the power to liquidate, and has such other powers and authority as may be expressed in the order of the court. If the Commissioner, or his deputy, or examiner is appointed receiver, he shall receive no additional compensation, but if another person is appointed, then the compensation of the receiver, as determined by the court, must be paid from the assets of the association.
2. If the association is an institution insured by the Federal Deposit Insurance Corporation, the Federal Deposit Insurance Corporation must be tendered appointment as receiver or coreceiver. If it accepts such appointment, it may, nevertheless, make loans on the security of or purchase at public or private sale any part or all of the assets of the association of which it is receiver or coreceiver, if the loan or purchase is approved by the court.
3. The procedure in such receivership action must be in all other respects in accordance with the practice in the court, including all rights of appeal and review. The directors, officers and attorneys of an association in office at the time of the initiation of any proceeding under this section or under NRS 673.495 are expressly authorized to contest any such proceeding and must be reimbursed for reasonable expenses and attorney fees by the association or from its assets. Any court having any such proceeding before it shall allow and order paid reasonable expenses and attorney fees for such directors, officers and attorneys.
Last modified: February 26, 2006