§ 28-14-7.5-5 — Possession of books, records, and assets; conservation of assets; powers and obligations of conservator; rights of parties

Indiana § 28-14-7.5-5

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

Text

(a) Under the direction of the department, a
conservator appointed under this chapter shall:
(1) take possession of the books, records, and assets of the
corporate fiduciary; and
(2) take any action necessary to conserve the assets of the
corporate fiduciary pending:
(A) a liquidation under IC 28-1-3.1; or
(B) other disposition of the corporate fiduciary's business as
provided by law.
(b) A conservator appointed under this chapter:
(1) has all the rights, powers, and privileges of a receiver
appointed under IC 28-1-3.1, except the power to liquidate a
corporate fiduciary; and
(2) is subject to those obligations and liabilities to which a
receiver is subject, to the extent the obligations and liabilities are
consistent with this chapter.
(c) Throughout the time a conservator is in possession of a corporate
fiduciary under this chapter, the rights of all parties with respect to the
corporate fiduciary are the same as if a receiver had been appointed
under IC 28-1-3.1.

Legislative History

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