§ 8-220 — Liquidation; adjudication of insolvency; procedure; powers of district court; liens dissolved

The suit referred to in section 8-219 shall be conducted as a civil action under the laws of Nebraska. If in the suit the court finds that the trust company is insolvent, it shall enter a judgment of insolvency and order that the business of the trust company shall be wound up. The court or any judge thereof may, after notice to the trust company, enjoin the trust company from continuing to transact business pending the hearing and entry of a judgment in the case. If the court finds and adjudges that the trust company is insolvent, the Department of Banking and Finance shall thereupon become the liquidating agent to wind up the business of the trust company, and the department shall be vested with the title to all of the assets and the property of the trust company wherever such property may be situated and whatever the kind and character of the assets and property may be, as of the date of the filing of the petition in court. Any attachment lien against the property of the trust company, acquired within sixty days next preceding the filing of the suit, shall be thereby released and dissolved.

Legislative History

Source: Laws 1927, c. 35, § 3, p. 163; Laws 1929, c. 38, § 6, p. 159; C.S.1929, § 8-215; Laws 1933, c. 18, § 81, p. 177; C.S.Supp.,1941, § 8-215; R.S.1943, § 8-220; Laws 1993, LB 81, § 35.