§ 19-11-6. Collection of assets — Continuation of business — General powers of conservator.
(a) Each conservator, upon the terms and conditions and in accordance with the orders,
rules and regulations, general and special, prescribed from time to time by the director,
or the director's designee, shall, so far as possible, collect all moneys and other
assets due and payable to the financial institution or credit union and do all acts
necessary to continue its business and to conserve its assets, and may sell or compound
bad or doubtful claims and demands due to the financial institution or credit union.
(b) With the written authorization of the director, or the director's designee, a conservator
may, at any time, in the name and upon the credit of the financial institution or
credit union, borrow money for any purpose and pledge and deliver to the lender the
whole or any part of the property and assets of the financial institution or credit
union as security for the repayment of any loan, and may sell all or any part of the
real and personal property and other assets of the financial institution or credit
union, and in the name of the financial institution or credit union, may take mortgages
on real property from purchasers to secure the whole or part of the purchase price.
(c) The conservator may prosecute and defend suits and other proceedings at law and in
equity to which the financial institution or credit union is a party.
(d) The conservator may execute, acknowledge, and deliver deeds, assignments, mortgages,
releases, promissory notes, and other instruments that the conservator may consider
necessary, proper, and desirable to effectuate any sales, pledges, or mortgages of
real or personal property and any obligation to repay loans, any compromise, and any
other transaction that may be performed or entered into by the conservator under the
powers and authority that may be conferred upon him or her. All deeds and other instruments,
so executed and delivered, shall be valid and effectual for all purposes to the same
extent and with the same effect as if executed by officers of the financial institution
or credit union by authority of its board of directors or stockholders.
(e) In addition to all powers and authority and duties specifically mentioned and provided
in this chapter, each conservator shall have and exercise all the powers and authority
and perform the duties that the director, by either general or special orders, shall
prescribe.