32-2-1023. Further duties of liquidating officer. (1) The liquidating officer of a mutual association may decide when the assets of a failed mutual association are not sufficient to pay the debts, contracts, engagements, and liabilities and may determine the time when and the court where necessary legal proceedings are conducted, subject to the general provisions of law governing venue and place of trial.
(2) For the purposes of this section, the term "liquidating officer" includes any person legally empowered to liquidate the business and affairs of a state mutual association, whether the liquidation is by the department or by its deputies and agents. The term also includes all receivers of state mutual associations qualified to liquidate a state mutual association under state law.
History: En. Sec. 110, Ch. 431, L. 2021.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 2. Mutual Savings and Loan Associations
Part 10. Dissolution, Closing, and Liquidation
32-2-1001. Dissolution and disincorporation
32-2-1002. Grounds for closing mutual association
32-2-1003. When mutual association insolvent
32-2-1004. Deposits in insolvent mutual associations
32-2-1005. Penalty for receiving deposits when insolvent or for making false statement
32-2-1006. Power of closed mutual associations to borrow money from governmental agencies
32-2-1007. Corporate existence -- cessation
32-2-1008. Taxes on mutual associations that have ceased to do business
32-2-1009. Penalty for maliciously declaring mutual association insolvent
32-2-1010. Resumption after closing
32-2-1011. Powers of department on closing mutual association -- court proceedings
32-2-1012. Recourse of aggrieved mutual association -- injunction
32-2-1014. Compensation of agents and attorneys
32-2-1015. Notice to creditors of insolvent mutual association
32-2-1016. Claims -- allowance and rejection
32-2-1018. Claims -- order of payment -- priorities
32-2-1019. Claims -- partial payments -- assignments
32-2-1020. Deposit of funds in department's hands
32-2-1021. Disposition of unclaimed funds
32-2-1022. Disposition of assets remaining after payment of claims
32-2-1023. Further duties of liquidating officer
32-2-1024. Department to file inventory -- report required -- exception
32-2-1025. through 32-2-1029 reserved
32-2-1031. Power of department