• § 7-1-150 - Taking of Possession by Department; Cumulative Remedies
  (a) The department may in its discretion take possession of the business and property of any financial institution whenever such financial institution: (1) Is...
• § 7-1-151 - Status of Department As Receiver; Restrictions on Appointment
  (a) Upon taking possession of a financial institution, the department shall automatically become the receiver of said institution with all rights, powers, and duties...
• § 7-1-152 - General Assignment Prohibited; Taking of Possession Upon Request
  No financial institution shall make a general assignment of its business and property for the benefit of its creditors by the appointment of an...
• § 7-1-153 - Posting of Notice of Taking Possession
  The department, upon taking possession of the business and property of a financial institution as receiver, shall post notice of such fact on the...
• § 7-1-154 - Certificate of Possession; Naming Deputy Receiver
  The department shall immediately after taking possession file with the principal court a certificate to be known as the certificate of possession, setting forth...
• § 7-1-155 - Injunction to Restrain Department
  Any financial institution of whose business or property the department has taken possession as receiver may, at any time within ten days after the...
• § 7-1-156 - Supervision of Department by Court
  (a) Except as otherwise provided in this chapter, the department, when it has taken possession of a financial institution, shall be responsible to the...
• § 7-1-157 - General Powers of Department in Possession
  (a) The department in possession shall be vested with all the rights, powers, and duties of such financial institution; with the title or the...
• § 7-1-158 - Appointment of Deputy Receivers, Counsel, and Other Assistants
  The department may appoint one or more official agents, to be known as deputy receivers, to assist it in the management, reorganization, consolidation, liquidation,...
• § 7-1-159 - Suspension or Continuation of Business
  The department is authorized, upon taking possession of the business and property of a financial institution as receiver, to continue or to suspend the...
• § 7-1-160 - Determination to Liquidate; Filing of Supplemental Certificate
  The department shall, within six months after the date on which it takes possession of any financial institution as receiver, determine whether or not...
• § 7-1-161 - Powers and Duties of Department Before and After Determination to Liquidate
  Except where otherwise specifically provided, all powers and duties granted by this chapter to the department in possession of the business and property of...
• § 7-1-162 - Inventory and Appraisement
  (a) When the department has taken possession of the business and property of a financial institution as receiver, it shall forthwith prepare a complete...
• § 7-1-163 - Notice to Holders of Assets; Power of Court to Order Transfer
  (a) Upon becoming receiver, the department shall forthwith give notice in writing of such fact to all corporations and persons having custody or possession...
• § 7-1-164 - Power of Department to Borrow Money
  The department may, without leave of court, borrow money from any federal or state public body or from any person or corporation and grant...
• § 7-1-165 - Surrender of Burdensome Assets
  The department may, with leave of court, surrender to the financial institution real or personal property which it finds to be burdensome and of...
• § 7-1-166 - Compromise of Claims; Extension of Mortgages or Notes
  (a) The department may, with leave of court, compound or compromise any debt, claim, or judgment due to the financial institution in receivership and...
• § 7-1-167 - Payment of Mortgages and Liens; Protection of Equities
  The department may, with leave of court, pay off all mortgages, security deeds, security agreements, and liens of or upon any real or personal...
• § 7-1-168 - Sales of Real Property
  The department may, with leave of and upon the terms and conditions prescribed by the court, sell any real property of the financial institution...
• § 7-1-169 - Leases of Property
  The department may, without leave of court, enter into leases for a period not to exceed one year of real or personal property belonging...
• § 7-1-170 - Sales or Exchanges of Securities; Sales of Liens or Personal Property
  (a) The department may, without leave of court, sell on any stock exchange or otherwise, at such times and in such manner as it...
• § 7-1-171 - Deposit of Moneys by Department
  All moneys received by the department as receiver of a financial institution except those moneys necessary to administer the liquidation shall be deposited by...
• § 7-1-172 - Disposition of Property in Safe-Deposit Vault or Held for Safekeeping
  (a) The department may, any time after taking possession of a financial institution as receiver, give written notice to anyone claiming or appearing on...
• § 7-1-173 - Bringing or Defending Actions
  (a) For the purpose of executing any of the powers and performing any of the duties respectively conferred or imposed upon it, as receiver,...
• § 7-1-174 - Surrender of Possession by Department Prior to Final Liquidation; Special Liquidations and Reorganizations
  (a) The department may, upon conditions approved by it, surrender possession of a financial institution in receivership at any time prior to final liquidation...
• § 7-1-175 - Ability of Department to Reject Executory Contract or Lease of Financial Institution in Receivership
  Within 180 days after the department takes possession of a financial institution, the department, as receiver, may at its election reject any executory contract...
• § 7-1-176 - Sale of Assets of Financial Institution in Receivership
  (a) Whenever the department as receiver, with leave of court as provided in Code Section 7-1-156, undertakes to sell all or part of the...

Last modified: October 14, 2016