Indiana Code
Chapter 3.1. Liquidation of Financial Institutions
28-1-3.1-3. Holding Business and Property Until Liquidation of Affairs

Sec. 3. (a) When the department has taken possession of the business and property of a financial institution under the provisions of section 2 of this chapter, the department shall hold possession of the business and property until the affairs of the institution have been finally liquidated as provided in this chapter, unless the financial institution has undertaken the voluntary liquidation of its affairs under IC 28-1-9.
(b) If a corporate fiduciary is to be liquidated, the department may appoint an agent from within or outside the department to temporarily conduct the affairs of the corporate fiduciary until a receiver is appointed. The agent may be required to give bond and shall be paid reasonable compensation by the corporate fiduciary being liquidated.
As added by P.L.141-1984, SEC.2. Amended by P.L.262-1995, SEC.5.

<< Previous

Next >>

Structure Indiana Code

Indiana Code

Title 28. Financial Institutions

Article 1. Department of Financial Institutions

Chapter 3.1. Liquidation of Financial Institutions

28-1-3.1-1. Definitions

28-1-3.1-2. Authority of Department to Take Possession of Business and Property; Conditions; Duties of Department

28-1-3.1-3. Holding Business and Property Until Liquidation of Affairs

28-1-3.1-4. Notice; Entry of Cause; Hearing; Record; Rights and Liabilities of Persons Interested; Federal Deposit Insurance Corporation as Receiver

28-1-3.1-5. Receiver; Appointment; Vesting of Title to All Assets and Right to Terminate Affairs of Institution; Liens or Claims Against Property