The commissioner shall exercise the power granted by the power of attorney provided for in Section 27-6-7 or otherwise sell any security or asset under any assignment, transfer or conveyance pursuant to Section 27-6-6, only pursuant to, and in accordance with, an order of a court of competent jurisdiction in a proper proceeding or action to which the insurer owning such securities or assets is a party. This section shall not apply as to the special deposits of surety insurers which are subject to Section 27-6-13.
Structure Code of Alabama
Chapter 6 - Administration of Deposits.
Section 27-6-1 - Deposits of Insurers - Authorized Deposits.
Section 27-6-2 - Deposits of Insurers - Purposes for Which Held.
Section 27-6-3 - Deposits of Insurers - Composition.
Section 27-6-4 - Deposits of Insurers - State Treasurer as Custodian.
Section 27-6-5 - Deposits of Insurers - Record of Securities and Assets.
Section 27-6-6 - Securities and Assets - Assignment and Reassignment, etc.; Appraisal or Valuation.
Section 27-6-7 - Securities and Assets - Power of Attorney to Sell, Etc.
Section 27-6-8 - Securities and Assets - Authority to Sell; Exception.
Section 27-6-9 - Power of Attorney - Safekeeping; Return.
Section 27-6-10 - Power of Attorney - New Power of Attorney.
Section 27-6-11 - Excess Deposits.
Section 27-6-12 - Rights of Solvent Insurers.
Section 27-6-13 - Sale of Surety Insurers' Special Deposit to Pay Outstanding Judgment.
Section 27-6-14 - Curing of Deficiency in Market Value of Deposit.
Section 27-6-15 - Release of Deposit - Generally.
Section 27-6-16 - Release of Deposit - Filing of Statement; Authorization of Release.