ARTICLE 4. Possession, Conservatorship, and Liquidation by the Commissioner [18415. - 18425.17.]

Article 4 added by Stats. 1985, Ch. 140, Sec. 1.

§§ 18415–18425.17 · 47 sections

§ 18415 The commissioner may take possession of the property and business of any industrial loan company and retain possession until the company resumes business or…
§ 18415.1 Whenever the commissioner has taken possession of the property and business of an industrial loan company, that industrial loan company, within 10 days after…
§ 18415.2 An appeal may be taken from the judgment of the court by the commissioner or by the industrial loan company in the manner provided by law for appeals from the…
§ 18415.3 (a) Whenever the net worth of an industrial loan company, exclusive of its good will, is less than 90 percent of the aggregate sum of its outstanding…
§ 18415.4 The commissioner may also, upon the request of the board of directors of a company, take possession of the property and business of a company and as…
§ 18415.5 Upon taking possession of the property and business of any industrial loan company, the commissioner shall give notice of that fact to all persons holding or…
§ 18415.6 Any officer, agent, employee, director, or stockholder of a company who refuses to comply with the demand for possession issued under Section 18415 shall be…
§ 18415.7 On demand of the commissioner, it shall be the duty of the sheriff of any county of the state, and of the police department of any municipal corporation…
§ 18415.8 Upon taking possession of the property and business of any company, the superior court for the county in which the head office of the company is located shall…
§ 18415.9 At any time after the order taking possession issued under Section 18415 has been filed with the court, the commissioner may remove the principal office of the…
§ 18415.10 The commissioner may, at any time, examine under oath any officer, director, agent, employee or stockholder of a company to determine whether or not all…
§ 18415.11 Upon taking possession of the property and business of any company, the commissioner has authority and the duty to collect all moneys due to the company and to…
§ 18415.12 The commissioner may file a petition with the court and the court shall issue such injunctions or orders, as may be deemed necessary, to prevent any of the…
§ 18415.13 After the taking of possession of the property and business of any company, the commissioner may terminate or adopt any executory contract to which the company…
§ 18415.14 The commissioner may proceed against any debtor or alleged debtor by way of summary procedure or by order to show cause issued by the court upon application by…
§ 18415.15 The commissioner may make examinations of the seized company and review the activities of any conservator or liquidator.
§ 18415.16 The actual cost of any examination, investigation or services, including the actual amount of salary or other compensation paid to the persons making the…
§ 18415.17 The determination by the commissioner to liquidate a company, evidenced by filing written notice of the determination with the court, operates to stay or…
§ 18415.18 Upon taking possession of the property, and business of a company in any proceeding under this article, the commissioner shall have the power to do all of the…
§ 18415.19 All expenses of taking possession of, conserving, conducting, liquidating, disposing of or otherwise dealing with the business and property of any company…
§ 18415.21 Any transaction occurring within six months of the date of taking possession shall be voidable by the conservator or liquidator if the transaction has the…
§ 18415.22 No obligation may be purchased or discounted under any agreement between the company and any person involving the purchase or discount of obligation from the…
§ 18415.23 No attachment or execution shall be issued against the property of any company before final judgment in any action or proceeding in any court.
§ 18420 The commissioner, as conservator or liquidator, after taking possession of the company, shall, in his or her name, in the name of the company, in the name of…
§ 18420.1 No transaction involving real or personal property, investment or reinvestment of funds or assets, or settlement or compromise of pending lawsuits shall be…
§ 18420.2 The commissioner may, with ex parte approval of the court, sell all or any part of the company’s assets to another industrial loan company, to a bank, to a…
§ 18420.5 The commissioner may appoint a person to act as conservator or liquidator of the company. The person appointed may be Thrift Guaranty Corporation of…
§ 18420.6 The commissioner shall have the authority to terminate the appointment of a conservator or liquidator whenever the commissioner deems it in the best interest…
§ 18420.7 The commissioner may require a conservator or liquidator to provide such bond as the commissioner deems proper. The conservator or liquidator shall receive a…
§ 18425 If at any time after taking possession of the property and business of a company it shall appear to the commissioner that it would be futile to proceed as…
§ 18425.1 The liquidator shall cause notice to be given by publication for four successive weeks in a newspaper of general circulation at or near the principal place of…
§ 18425.2 All claims, demands, or causes of action of creditors, and persons other than investors against any property owned or held by it in trust, or otherwise, must…
§ 18425.3 If the liquidator doubts the validity of any claim, the liquidator may reject the claim and serve notice of rejection upon the claimant either by certified…
§ 18425.4 A claim shall set forth, under oath, on the form prescribed by the commissioner, all of the following: (a) The particulars of the claim, and the consideration…
§ 18425.5 When an investment certificate holder is also a debtor, the liquidator may offset any balance due the investment certificate holder against the debt and the…
§ 18425.6 The amount of a claim of an investment certificate holder shall be the amount which the investment certificate holder would have been entitled to withdraw as…
§ 18425.7 When the time fixed for the presentation of claims has expired, the liquidator shall make in duplicate a full and complete list of all claims presented,…
§ 18425.8 Objections to any claim not rejected by the liquidator may be made by any person interested by filing his or her objections, in writing, with the liquidator,…
§ 18425.9 The liquidator, with the approval of the court, may pay one or more dividends to investment certificate holders prior to the expiration of the time for filing…
§ 18425.10 (a) Claims allowed in a proceeding under this article shall be given preference in the following order: (1) All costs and expenses of administration of…
§ 18425.11 Whenever the commissioner determines to liquidate a company, the commissioner shall cause an inventory of all the assets of the company to be made in…
§ 18425.12 If it appears improbable that anything can be realized from any property of the company and that the cost of maintaining, preserving, or protecting the…
§ 18425.13 If a purchaser of any property or any bad or doubtful debt or claim of a company cannot be obtained and it appears improbable that recovery thereon can be had,…
§ 18425.14 When the liquidator has fully liquidated all claims other than claims of stockholders, made due provision for any and all known but unclaimed liabilities,…
§ 18425.15 Upon the payment of a final dividend in liquidation, the commissioner shall prepare and file with the court a full and final statement of the liquidation,…
§ 18425.16 In making its order approving the commissioner’s final statement of the liquidation of the company, the court shall determine the amounts of the liquidating…
§ 18425.17 The order of the court approving the final statement on liquidation shall provide for the destruction or other disposition of the books and records of the…