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286.3-862 Powers and duties of receiver.
(1)
(2)
A receiver shall have the following powers:
(a) To take possession of all books, records and assets of the bank;
(b) To collect all debts, claims and judgments belonging to the bank, and to
do such other acts as are necessary to preserve and liquidate its assets;
(c) To execute in the name of the bank any instrument necessary or proper
to effectuate its powers or perform its duties as receiver;
(d) To initiate, pursue and defend litigation involving any right, claim, interest
or liability of the bank;
(e) To exercise any and all fiduciary functions of the bank as of the date of
appointment as receiver;
(f) Subject to the approval of the receivership court, to borrow money as
necessary in the liquidation of the bank, and to secure such borrowings
by the pledge or mortgage of bank assets; the repayment of money
borrowed under this subsection and interest thereon shall be considered
an expense of administration under KRS 286.3-872;
(g) Subject to the approval of the receivership court, to abandon or convey
title to any holder of a mortgage, security deed, security interest or lien
against property in which the bank has an interest, whenever the receiver
determines that to continue to claim such interest is burdensome and of
no advantage to the bank, its depositors, creditors or shareholders;
(h) Subject to the approval of the receivership court, to sell any and all real
and personal property, to compromise any debt, claim or judgment due to
the bank and to discontinue any action or other proceeding pending
therefor; and
(i) Subject to the approval of the receivership court, to avoid preferential
transfers as defined in KRS 286.3-864.
A receiver shall have the following duties:
(a) To collect, preserve, and liquidate the bank's assets as expeditiously as is
compatible with the best interests of the bank and its depositors, creditors
and shareholders;
(b) To file with the receivership court:
1.
A detailed statement of the assets and liabilities of the bank within
thirty (30) days of confirmation; and
2.
A report of its actions in the administration of the liquidation
proceedings, together with such other information as the
receivership court may require, every ninety (90) days thereafter;
(c) To examine claims and reject any claim that is improper; and
(d) Unless the receivership court orders otherwise, furnish such information
concerning the bank and the administration of the liquidation proceedings
as is requested by a depositor, creditor or shareholder.
Effective:July 13, 1984
History: Created 1984 Ky. Acts ch. 324, sec. 47, effective July 13, 1984.
Formerly codified as KRS 287.862.
Legislative Research Commission Note (7/12/2006). In accordance with 2006
Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a
section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS
references within this statute have been adjusted to conform with the 2006
renumbering of that code.
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