§ 13-12-122 — Failure of institution; unsound or unsafe condition; applicability of other insolvency and conservatorship provisions

(a) If the commissioner finds that a special purpose
depository institution has failed or is operating in an unsafe
or unsound condition, as defined in this section, that has not
been remedied within the time prescribed under W.S. 13-4-203
through 13-4-205 or an order of the commissioner issued pursuant
to W.S. 13-10-201 through 13-10-209, the commissioner shall
conduct a liquidation or appoint a conservator as provided by
W.S. 13-4-301 and 13-4-303 through 13-4-703.
(b) As used in this section:
(i) "Failed" or "failure" means, consistent with
rules adopted by the commissioner, a circumstance when a special
purpose depository institution has not:
(A) Complied with the requirements of W.S. 13-
12-105;
(B) Maintained a contingency account, as
required by W.S. 13-12-106;
(C) Paid, in the manner commonly accepted by
business practices, its legal obligations to depositors on
demand or to discharge any certificates of deposit, promissory
notes or other indebtedness when due.
(ii) "Unsafe or unsound condition" means, consistent
with rules adopted by the commissioner, a circumstance relating
to a special purpose depository institution which is likely to:
(A) Cause the failure of the institution, as
defined in paragraph (i) of this subsection;
(B) Cause a substantial dissipation of assets or
earnings;
(C) Substantially disrupt the services provided
by the institution to depositors;
(D) Otherwise substantially prejudice the
depository interests of depositors.