§ 28-14-7.5-8 — Termination of conservatorship; appointment of receiver; liquidation

Indiana § 28-14-7.5-8

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

Text

(a) The department may:
(1) terminate a conservatorship ordered under this chapter; and
(2) permit the corporate fiduciary subject to the conservatorship
to resume the transaction of the corporate fiduciary's business,
subject to any terms, conditions, restrictions, and limitations that
the department may prescribe;
if the department is satisfied that a termination of the conservatorship
may be done safely and is in the public interest.
(b) Subject to subsection (c), the department may:
(1) terminate a conservatorship ordered under this chapter; and
(2) apply for the appointment of a receiver for the corporate
fiduciary under IC 28-1-3.1;
if the department determines that the appointment of a receiver for the
corporate fiduciary is in the public interest.
(c) If the department determines that the liquidation of a corporate
fiduciary placed in conservatorship under this chapter is in the public
interest, the department shall:
(1) terminate the conservatorship ordered under this chapter; and
(2) apply for the appointment of a receiver for the corporate
fiduciary under IC 28-1-3.1.

Legislative History

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