Revised Code of Washington - RCW Title 31 Miscellaneous Loan Agencies - Section 31.12.721 Appointment by court of temporary receiver -- Notice to director

§ 31.12.721. Appointment by court of temporary receiver -- Notice to director

No receiver may be appointed by any court for any credit union, except that a court otherwise having jurisdiction may in case of imminent necessity appoint a temporary receiver to take possession of and preserve the assets of the credit union. Immediately upon appointment, the clerk of the court shall notify the director in writing of the appointment and the director shall appoint a receiver to take possession of the credit union and the temporary receiver shall upon demand surrender possession of the assets of the credit union to the receiver. The receiver may in due course pay the temporary receiver out of the assets of the credit union, subject to the approval of the court.

[1997 c 397 § 85.]

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Last modified: April 7, 2009