§ 11-44-113 — Procedure under court order

(1) The commissioner may retain
possession of a savings and loan association for the purpose of liquidating its
affairs, but before doing so, the commissioner shall furnish a bond, executed by a
surety company authorized to do business in this state and running to the people of
the state of Colorado, in a penal sum equal to the value of the negotiable assets of
the association, as nearly as may be determined, for the faithful discharge of the
commissioner's duties in connection with liquidating the affairs of the association
and accounting for all money coming into the commissioner's possession. The bond
must be approved by the governor and filed in the office of the secretary of state.
The cost of the bond shall be paid from the assets of the association. Suits may be
maintained on the bond by any person injured by a breach of the conditions of the
bond.

(2) Upon taking such possession, the commissioner shall have authority to
collect all moneys due to such association, and to give full receipt therefor, and to
do such other acts as are necessary or expedient to collect, conserve, or protect its
business, property, and assets.

(3) If the commissioner is in possession of the business, property, and assets
of an association, regardless of whether the commissioner is liquidating the affairs
of the association, the commissioner may apply to the district court of the county in
which the principal office of the association is located for an order confirming any
action taken by the commissioner or authorizing the commissioner to do any act or
to execute any instrument not expressly authorized by articles 40 to 46 of this title
11, which order shall be made after a hearing, on such notice as the court shall
prescribe. The commissioner may pay and discharge any secured claims against the
association, and, within six months after taking possession of the association, the
commissioner may disaffirm any executory contracts, including leases, to which the
association is a party and disaffirm any partially executed contracts, including
leases, to the extent that they remain executory.

Legislative History

Source: L. 33: p. 342, � 12. CSA: C. 25, � 58. CRS 53: � 122-6-13. C.R.S. 1963: � 122-5-13. L. 2024: (1) and (3) amended, (HB 24-1381), ch. 350, p. 2384, � 50, effective August 7.