Montana Statutes
§ 32-2-1006 — Power Of Closed Mutual Associations To Borrow Money From Governmental Agencies
Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 2 MUTUAL SAVINGS AND LOAN ASSOCIATIONS·Part 10 Dissolution, Closing, and Liquidation
32-2-1006 . Power of closed mutual associations to borrow money from governmental agencies.
(1)Except as provided in subsection (2), after applying to and obtaining the approval of the department and the district court of the county in which the mutual association is located, the liquidating agents of closed mutual associations may borrow money from an agency of the federal government on behalf of mutual associations closed and in liquidation. As security for the loan, the liquidating agent may pledge or mortgage assets and properties for the purpose of paying depositors or creditors in part or in full.
(2)If the federal deposit insurance corporation is appointed as the liquidating agent, the reporting and district court approval requirements of subsection (1) do not apply.
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Legislative History
En. Sec. 93, Ch. 431, L. 2021.
Nearby Sections
15
§ 32-2-1001
Dissolution And Disincorporation§ 32-2-1002
Grounds For Closing Mutual Association§ 32-2-1003
When Mutual Association Insolvent§ 32-2-1004
Deposits In Insolvent Mutual Associations§ 32-2-1007
Corporate Existence -- Cessation§ 32-2-101
Repealed§ 32-2-1010
Resumption After Closing§ 32-2-1013
Department May Retain Mutual Association Employees -- Liquidating Agent's Salary And Expenses§ 32-2-1014
Compensation Of Agents And Attorneys