§ 23-49-107 — Powers of receiver

The receiver of a closed institution may do the following: (1) Take possession of all books, records, and assets of the institution; (2) Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate its assets; (3) Execute in the name of the institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver; (4) Initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the institution; (5) Exercise any and all existing fiduciary functions of the institution as of the date of appointment as receiver; (6) Borrow money as necessary in the liquidation of the institution and secure the borrowings by the pledge or mortgage of assets. The repayment of money borrowed under this subsection and interest thereon shall be considered an expense of administration under § 23-49-111 ; (7) Abandon or convey title to any holder of a mortgage, deed of trust, security interest, or lien against property in which the institution has an interest whenever the receiver determines that to continue to claim the interest is burdensome and of no advantage to the institution, its depositors, creditors, or shareholders; (8) Repudiate any leases or executory contracts to which the institution is a party in accordance with § 23-49-112 ; and (9) Subject to the approval of the court: (A) Sell any and all real and personal property to compromise any debt, claim, or judgment due from the institution and discontinue any action or other proceedings pending; (B) Pay off all mortgages, deeds of trust, security agreements, and liens upon any real or personal property belonging to the institution and purchase at judicial sale or at sale authorized by court order, any real or personal property in order to protect the institution's equity in that property; and (C) Sell in bulk the assets and liabilities of the institution.

Legislative History

Acts 1997, No. 89, § 1.