Maine § 9-B §365 Insolvency liquidation

Maine Statutes

§ 9-B §365 — Insolvency liquidation

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 3 ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS·Ch. 36 CONSERVATION, LIQUIDATION AND INSOLVENCY

1.Injunction against insolvent institution. 1-A. Appointment of receiver. If, upon examination of a financial institution, the superintendent is of the opinion that it is insolvent or that its condition renders its further proceedings hazardous to the public or to those having funds including trust assets in its custody, the superintendent may order the institution closed and appoint a receiver who shall proceed to liquidate the financial institution.

2.Powers of receivers. Receivers have the following powers.

3.Specific powers of receivers. Upon taking possession of the property and business of a financial institution under this section, the receiver:

4.Reports of receiver; legal advice.

5.Distribution of assets: stock institution.

6.Distribution of assets: mutual institution.

7.At

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1.
Injunction against insolvent institution.
1-A.
Appointment of receiver.
If, upon examination of a financial institution, the superintendent is of the opinion that it is insolvent or that its condition renders its further proceedings hazardous to the public or to those having funds including trust assets in its custody, the superintendent may order the institution closed and appoint a receiver who shall proceed to liquidate the financial institution.
2.
Powers of receivers.
Receivers have the following powers.
3.
Specific powers of receivers.
Upon taking possession of the property and business of a financial institution under this section, the receiver:
4.
Reports of receiver; legal advice.
5.
Distribution of assets: stock institution.
6.
Distribution of assets: mutual institution.
7.
Attachments dissolved; actions discontinued; judgment recovered added to claims.
8.
Untimely claims barred.
9.
Unknown depositors.
When it appears upon the settlement of the account of the receiver of a financial institution pursuant to this section that there are remaining in the receiver's hands funds due depositors who can not be found and whose heirs or legal representatives are unknown, the unclaimed funds must be disposed of according to Title 33.
10.
Procedures in liquidation.
When the superintendent appoints the FDIC as receiver, federal law prescribes the procedures that the FDIC follows in liquidation of the insolvent institution. When an insolvent institution is liquidated, assets must be distributed in the following priority:
11.
Immunity from civil liability.
A person serving as a receiver is immune from any civil liability, in the same manner as and to the same extent as employees of governmental entities are under the Maine Tort Claims Act, for acts performed within the scope of the receiver's duties.
12.
Directors not liable.
The members of the board of directors of a financial institution may not be liable to the financial institution’s shareholders or creditors for acquiescing in or consenting in good faith to the appointment of a receiver for that financial institution or requiring the financial institution to be acquired by a financial institution holding company or to combine with another financial institution, if grounds exist for appointing a receiver for the financial institution.

Maine § 9-B §365 (Insolvency liquidation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1977, c. 707, §1 (AMD). PL 1991, c. 34, §5 (AMD). PL 1991, c. 386, §11 (AMD). PL 1997, c. 398, §H4 (AMD). PL 1997, c. 398, §H5 (AMD). PL 2005, c. 83, §§8,9 (AMD). PL 2009, c. 228, §6 (AMD).