§ 28-1-3.1-3 — Holding business and property until liquidation of affairs

Indiana § 28-1-3.1-3

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 3.1: Liquidation of Financial Institutions

Text

(a) When the department has taken possession
of the business and property of a financial institution under the
provisions of section 2 of this chapter, the department shall hold
possession of the business and property until the affairs of the
institution have been finally liquidated as provided in this chapter,
unless the financial institution has undertaken the voluntary liquidation
of its affairs under IC 28-1-9.
(b) If a corporate fiduciary is to be liquidated, the department may
appoint an agent from within or outside the department to temporarily
conduct the affairs of the corporate fiduciary until a receiver is
appointed. The agent may be required to give bond and shall be paid
reasonable compensation by the corporate fiduciary being liquidated.

Legislative History

As added by P.L.141-1984, SEC.2. Amended by P.L.262-1995, SEC.5.