§ 533.503 — Superintendent as receiver

Iowa § 533.503

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533: CREDIT UNIONS

Text

1. Inallsituationsinwhichthesuperintendenthasbeenappointedasreceiverasprovided
in this chapter, the superintendent shall make a diligent effort to collect and realize on the
assets of the state credit union, and shall make distribution of the proceeds from time to time
to those entitled in the order provided for by law.
a. The superintendent may execute as receiver, or after the receivership has terminated,
assignments, releases, and satisfactions to effectuate sales and transfers.
b. Upon the order of the court in which the receivership is pending, the superintendent
may sell or compound all bad or doubtful debts.
c. Upon the order of the court in which the receivership is pending, the superintendent
may sell all the real and personal property of the state credit union, on such terms as the
court shall direct.
2. All expenses of the receivership and dissolution shall be determined by the
superintendent, subject to the approval of the district court, and shall be paid out of the
assets of the state credit union.
3. The superintendent as receiver may sue and defend in the superintendent’s name with
respect to the affairs of a state credit union.
4. At the completion of the receivership, the superintendent shall file a final report which
shallcontaindetailsofreceivershipactivityandsuchadditionalfactsasthecourtmayrequire.
5. a. Upon the submission and approval of the final report, the court shall enter a decree
dissolving the state credit union and discharging the receiver, at which time the existence of
the state credit union shall cease.
b. The clerk of the district court shall file and record certified copies of the decree with the
countyrecorderofthecountyinwhichthestatecreditunionhasitsprincipalplaceofbusiness
and with the county recorder of the county in which its original articles of incorporation were
filedandrecorded. Afeeshallnotbechargedbythecountyrecorderforthefilingorrecording
of such decree.
6. The superintendent as receiver shall hold all records of the receivership for a period of
two years after the court decree dissolving the state credit union and discharging the receiver,
and at the termination of the two-year period, the records may then be destroyed.