§ 28-1-3.1-6 — Receiver; authority

Indiana § 28-1-3.1-6

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

Text

The receiver of a closed financial institution
may do the following:
(1) Take possession of all books, records, and assets of the
financial institution.
(2) Collect all debts, claims, and judgments belonging to the
financial institution and do such other acts as are necessary to
preserve and liquidate its assets.
(3) Execute in the name of the financial 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 financial institution.
(5) Exercise any and all fiduciary functions of the financial
institution as of the date of appointment as receiver.
(6) Borrow money as necessary in the liquidation of the financial
institution and secure the borrowings by the pledge or mortgage
of assets.
(7) Abandon or convey title to any holder of a mortgage, security
deed, security interest, or lien against property in which the
financial institution has an interest whenever the receiver
determines that to continue to claim that interest is burdensome
and of no advantage to the financial institution, its depositors,
creditors, or shareholders.
(8) Subject to the approval of the receivership court:
(A) sell any and all real and personal property to compromise
any debt, claim, or judgment due to the financial institution and
discontinue any action or other proceeding pending; or
(B) pay off all mortgages, securities deeds, security agreements,
and liens upon any real or personal property belonging to the
financial institution and purchase at a judicial sale or at a sale
authorized by court order, any real or personal property in order
to protect the financial institution's equity in that property.
(9) If, at the time of liquidation, a closed financial institution
holds property in trust for an individual or a corporation under or
by virtue of a trust instrument, the administration of the property
must be handled in the manner set forth in IC 28-1-9-7.
Notwithstanding this section, when the Federal Deposit Insurance
Corporation is appointed receiver of a financial institution, subdivision
(8) does not apply.

Legislative History

As added by P.L.141-1984, SEC.2. Amended by P.L.42-1993, SEC.23; P.L.262-1995, SEC.7; P.L.35-2010, SEC.101.