Revised Code of Washington
Chapter 30A.44 - Insolvency and Liquidation.
30A.44.050 - Powers and duties of director.

RCW 30A.44.050
Powers and duties of director.

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.

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

Structure Revised Code of Washington

Revised Code of Washington

Title 30A - Washington Commercial Bank Act

Chapter 30A.44 - Insolvency and Liquidation.

30A.44.010 - Notice to correct unsafe conditions—Possession may be taken under specified circumstances.

30A.44.020 - Director may order levy of assessment.

30A.44.030 - Director's right to take possession may be contested.

30A.44.040 - Notice of taking possession.

30A.44.050 - Powers and duties of director.

30A.44.060 - Notice to creditors—Claims.

30A.44.070 - Inventory—List of claims.

30A.44.080 - Objections to approved claims.

30A.44.090 - Dividends.

30A.44.100 - Receiver prohibited except in emergency.

30A.44.110 - Preferences prohibited—Penalty.

30A.44.120 - Receiving deposits when insolvent—Penalty.

30A.44.130 - Expense of liquidation.

30A.44.140 - Liquidation after claims are paid.

30A.44.150 - Unclaimed dividends—Disposition.

30A.44.160 - Voluntary closing—Possession of the director—Notice.

30A.44.170 - Voluntary liquidation—Notice to creditors.

30A.44.180 - Unclaimed dividends on voluntary liquidation.

30A.44.190 - Disposition of unclaimed personal property.

30A.44.200 - Duty of director—Notice to owner.

30A.44.210 - Final notice after two years—Sale.

30A.44.220 - Disposition of proceeds—Escheat.

30A.44.230 - Procedure as to papers, documents, etc.

30A.44.240 - Transfer of assets and liabilities to another bank.

30A.44.250 - Reopening.

30A.44.260 - Destruction of records after liquidation.

30A.44.270 - Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.

30A.44.280 - Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.