Indiana § 28-7-2.5-5 Possession of books, records, and assets; conservation of assets; powers
and obligations of conservator; rights of parties

Indiana Statutes

§ 28-7-2.5-5 — Possession of books, records, and assets; conservation of assets; powers and obligations of conservator; rights of parties

Indiana § 28-7-2.5-5

Art. 7SPECIALIZED FINANCIAL INSTITUTIONS

Ch. 2.5Conservatorship of Credit Unions

This text of Indiana § 28-7-2.5-5 (Possession of books, records, and assets; conservation of assets; powers and obligations of conservator; rights of parties) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-7-2.5-5 (2026).

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 credit union; and

(2)take any action necessary to conserve the assets of the credit union pending:

(A)a liquidation under IC 28-1-3.1; or

(B)other disposition of the credit union'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 credit union; 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 credit union under th

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(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 credit
union; and
(2) take any action necessary to conserve the assets of the credit
union pending:
(A) a liquidation under IC 28-1-3.1; or
(B) other disposition of the credit union'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
credit union; 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 credit
union under this chapter, the rights of all parties with respect to the
credit union are the same as if a receiver had been appointed under IC 28-1-3.1.