Powers of Commissioner when capital of title agent impaired or title agent’s affairs are in unsafe condition.
1. If the Commissioner ascertains that the assets or capital of any title agent are impaired or that a title agent’s affairs are in an unsafe condition, he may immediately take possession of all the property, business and assets of the title agent which are located in this state and retain possession of them pending further proceedings provided for in this chapter.
2. If the board of directors or any officer or person in charge of the offices of such a title agent refuses to permit the Commissioner to take possession of the property, the Commissioner shall communicate that fact to the Attorney General. Thereupon the Attorney General shall immediately institute such proceedings as may be necessary to place the Commissioner in immediate possession of the property of the title agent. The Commissioner thereupon shall make or cause to be made an inventory of the assets and known liabilities of the title agent.
3. The Commissioner shall file one copy of the inventory in his office and one copy in the office of the clerk of the district court of the county in which the principal office of the title agent is located and shall mail one copy to each stockholder, partner, officer or associate of the agent at his last known address.
4. The clerk of the court with which the copy of the inventory is filed shall file it as any other case or proceeding pending in the court and shall give it a docket number.
Last modified: February 27, 2006