Receivership.
1. The officers, directors, partners, associates or stockholders of the escrow agency may, within 60 days after the date the Commissioner takes possession of the property, business and assets, make good any deficit which may exist or remedy the unsafe condition of its affairs.
2. At the expiration of such time, if the deficiency in assets or capital has not been made good or the unsafe condition remedied, the Commissioner may apply to the court to be appointed receiver and proceed to liquidate the assets of the agency which are located in this state in the same manner as provided by law for liquidation of a private corporation in receivership.
3. No other person may be appointed receiver by any court without first giving the Commissioner ample notice of his application.
4. The inventory made by the Commissioner and all claims filed by creditors are open at all reasonable times for inspection and any action taken by the receiver upon any of the claims is subject to the approval of the court before which the cause is pending.
5. The expenses of the receiver and the compensation of counsel, as well as all expenditures required in the liquidation proceedings, must be fixed by the Commissioner subject to the approval of the court, and, upon certification of the Commissioner, must be paid out of the money that he possesses as receiver.
Last modified: February 27, 2006