ARTICLE 4. Liquidation of an Uninsured Licensee [670. - 692.]
Heading of Article 4 amended by Stats. 2015, Ch. 190, Sec. 31.
§§ 670–692 · 23 sections
- § 670 Upon taking possession of the property and business of a licensee that does not have federal deposit or share insurance, the commissioner may sell, compromise,…
- § 671 The commissioner may sell any real or personal property of the licensee for cash or on credit and on any other terms and conditions as the commissioner may…
- § 672 (a) The commissioner may, with the approval of the court, sell any part or the whole of the business of a licensee to any other licensee. The purchase and sale…
- § 673 Within six months after taking possession of the property and business of any licensee that does not have federal deposit or share insurance, the commissioner…
- § 674 The commissioner, in his or her own name or in the name of the licensee, may execute, acknowledge, and deliver any and all conveyances and other instruments…
- § 675 The commissioner, in the name of the delinquent licensee or in his or her own name, may prosecute and defend any and all actions and other legal proceedings…
- § 676 The commissioner from time to time shall deposit all moneys coming into his or her hands in the course of the liquidation of the licensee in one or more state…
- § 677 The commissioner shall make an inventory of the assets of the licensee in duplicate and file one in the office of the commissioner and one with the clerk of…
- § 678 When the time fixed for the presentation of claims has expired, the commissioner shall make in duplicate a full and complete list of all claims presented,…
- § 679 The commissioner shall cause notice to be given by advertisement in any newspapers of general circulation as he or she may select weekly for three consecutive…
- § 680 All claims of every kind against the licensee or against any property owned or held by the licensee shall be presented to the commissioner in writing verified…
- § 681 At any time and from time to time after the expiration of the time fixed for the presentation of claims, the commissioner, after obtaining approval of the…
- § 682 (a) Expenses and claims of unsecured creditors have priority in the following order: (1) Expenses of liquidation and approved claims for fees and assessments…
- § 683 Objections to any claim not rejected by the commissioner may be made by any person interested by filing a copy of the objection with the commissioner, who…
- § 684 Dividends remaining unpaid and any sums available for payment of shares or deposits for which no claim was filed, which remain in the hands of the commissioner…
- § 685 Whenever, under the provisions of this article, the commissioner is required to transmit unclaimed money or other unclaimed property to any state officer for…
- § 686 All approved claims of customers and other creditors shall bear interest at the rate provided by law on judgments from the date that the commissioner takes…
- § 687 If the licensee has in its possession for safekeeping or storage any jewelry, plate, money, specie, bullion, stocks, bonds, securities, valuable papers, or…
- § 688 On the last day fixed in the notice for the removal of the property or on the date when the property is removed or the box surrendered, any contract between…
- § 689 If any property is not removed within the time fixed by the notice mailed by the commissioner, the commissioner may dispose of the property as the court, on…
- § 690 (a) When the commissioner has completed the liquidation of the licensee, he or she shall petition the court for an order declaring the licensee duly wound up…
- § 691 Whenever this article requires court approval of any step in the liquidation proceedings, approval shall be given after a hearing upon notice as the court may…
- § 692 Whenever, in the opinion of the commissioner, the liquidation or reorganization of any licensee taken in charge by him or her would be facilitated, or the…