§ 30A.44.050 — Powers and duties of director.

Washington § 30A.44.050

• Jurisdiction: Washington
• Title 30A: WASHINGTON COMMERCIAL BANK ACT
• Ch. 30A.44: INSOLVENCY AND LIQUIDATION

Text

Upon taking possession of any bank, the director shall proceed to collect the assets thereof and to preserve, administer and liquidate the business and assets of such corporation. With the approval of the superior court of the county in which such corporation is located, he or she may sell, compound or compromise bad or doubtful debts, and upon such terms as the court shall direct borrow, mortgage, pledge or sell all or any part of the real estate and personal property of such corporation. He or she shall deliver to each purchaser or lender an appropriate deed, mortgage, agreement of pledge or other instrument of title or security. If real estate is situated outside of said county, a certified copy of the orders authorizing and confirming the sale or mortgage thereof shall be filed for record in the office of the auditor of the county in which such property is situated. He or she may appoint special assistants and other necessary agents to assist in the administration and liquidation of such corporation, a certificate of such appointment to be filed with the clerk of the county in which such corporation is located. He or she shall require each special assistant to give a surety company bond, conditioned as he or she shall provide, the premium of which shall be paid out of the assets of such corporation. He or she may also employ an attorney for legal assistance in such administration and liquidation.

Legislative History

[2014 c 37 s 227;1994 c 92 s 111;1955 c 33 s 30.44.050. Prior:1933 c 42 s 25;1917 c 80 s 62;1915 c 98 s 3; RRS s 3269. Formerly RCW30.44.050.]