§ 20-636 — Voidable transfers

A. Any transfer of, or lien on, the property of an insurer that is made or created within four months before the granting of an order to show cause under this article with the intent of giving to any creditor or of enabling such creditor to obtain a greater percentage of the creditor's debt than any other creditor of the same class, and that is accepted by such creditor having reasonable cause to believe that such preference will occur, shall be voidable.

B. Every director, officer, employee, stockholder, member and subscriber and any other person acting on behalf of the insurer who is concerned in any such act or deed and every person receiving thereby any property of the insurer or the benefit thereof shall be personally liable therefor and shall be bound to account to the receiver.

C. The receiver in any proceeding under this article may avoid any transfer of or lien on the property of an insurer that any creditor, stockholder, subscriber or member of the insurer might have avoided and may recover the property so transferred unless the person was a bona fide holder for value before the date of the granting of an order to show cause under this article. Such property or its value may be recovered from anyone who has received it except a bona fide holder for value as specified in this article.

D. Notwithstanding any other provision of this chapter, a receiver, rehabilitator, liquidator or conservator may not void any transfer of, or any obligation to transfer, money or other property arising under or in connection with any federal home loan bank security agreement with an insurer member, or any pledge, security, collateral or guarantee agreement or any other similar arrangement or credit enhancement relating to a federal home loan bank security agreement with an insurer member unless the transfer was made with actual intent to hinder, delay or defraud either existing or future creditors.