TITLE 19
Financial institutions

CHAPTER 19-12
Receivership

SECTION 19-12-2


§ 19-12-2 Appointment and powers of receiver.

The court may appoint, without bond, the director or one of the director's deputies, or both, as the receiver or receivers to take possession of the property and effects of the financial institution or credit union, subject to any directions prescribed by the court, and this appointment shall vest in the receiver or receivers all the right, title and interest of the financial institution or credit union in and to its property and effects, and shall vacate and dissolve all attachments or liens thereon, created by or obtained in or pursuant to any suit or proceeding at law or in equity against the financial institution or credit union which was begun within four (4) months before the appointment of the receiver or receivers.

History of Section.
(P.L. 1995, ch. 82, § 50.)