(a) Within one hundred eighty (180) days after the date that the Bank Commissioner has taken possession, the receiver may, at his or her election, reject:
(1) Any executory contracts to which the closed institution is a party without any further liability to the closed institution or the receiver; and
(2) Any obligation of the institution as a lessee of real or personal property.
(b) The receiver's election to reject a lease shall create no claim for rent other than rent accrued to the date of termination.
Section: Previous 23-49-105 23-49-106 23-49-107 23-49-108 23-49-109 23-49-110 23-49-111 23-49-112 23-49-113 23-49-114 23-49-115 23-49-116 23-49-117 23-49-118 23-49-119 NextLast modified: November 15, 2016