Financial Institutions


SECTION 19-11-12

§ 19-11-12. Superseding receivership.

Nothing in this chapter, and no appointment or continuance of a conservator under this chapter, shall abridge or affect, or be so construed as to abridge or affect, the right, power, and authority of the director, or the director's designee, at any time to institute proceedings in accordance with law for the appointment of a receiver of any financial institution or credit union, or of the judicial authority to make appointment of a receiver upon request of the director, or the director's designee, and if a receiver shall be appointed in this proceeding, the conservator, whenever the receiver shall have been appointed and qualified, shall immediately transfer and deliver to the receiver all property, books, and documents of all kinds then belonging to the financial institution or credit union.

History of Section.
(P.L. 1995, ch. 82, § 49.)