§ 28-14-7.5-4 — Reimbursement of department; administrative expenses; payment from assets

Indiana § 28-14-7.5-4

• Jurisdiction: Indiana
• Art. 14: CORPORATE FIDUCIARIES
• Ch. 7.5: Conservatorship of Corporate Fiduciaries

Text

(a) A conservator appointed by the
department under this chapter shall reimburse the department for all
amounts expended by the department in connection with the
conservatorship. Amounts reimbursed to the department under this
subsection shall be paid from the assets of the corporate fiduciary as
administrative expenses. Upon approval of the department, the
conservator shall pay all other administrative expenses of the
conservatorship from the assets of the corporate fiduciary.
(b) Administrative expenses described in this section constitute a
first charge against the assets of the corporate fiduciary. The
conservator shall pay the administrative expenses in full before any:
(1) final distribution of the corporate fiduciary's assets; or
(2) payments to any person described in section 3(a)(2) of this
chapter.

Legislative History

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.