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286.5-760 Receiver appointed when -- Federal agency as receiver -Procedure.
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If in the judgment of the commissioner the public interest requires it, he may
apply to a court of general jurisdiction in the county in which the home office of
any association is located for the appointment of a receiver. Such court is
authorized to appoint a receiver if it finds that such association:
(a) Is in an impaired condition; or
(b) Is in violation of an order or injunction, as provided in KRS 286.5-740 and
286.5-750, which has become final in that the time to appeal has expired
without appeal or a final order entered from which there can be no appeal.
The commissioner, an examiner or other person may be appointed by the
court as receiver, and a certified copy of the order of the court making
such appointment shall be evidence thereof. Such receiver shall have all
the powers and authority of a conservator, plus the power to liquidate,
and shall have such other powers and authority as may be expressed in
the order of the court. If the commissioner or an examiner is appointed
receiver, he shall receive no additional compensation, but if another
person is appointed, then the compensation of the receiver, as
determined by the court, shall be paid from the assets of the association.
If the association is an institution insured by the Federal Savings and Loan
Insurance Corporation, the Federal Savings and Loan Insurance Corporation
shall be tendered appointment as receiver or coreceiver. If it accepts such
appointment, it may, nevertheless, make loans on the security of or purchase
at public or private sale any part or all of the assets of the association of which
it is receiver or coreceiver, provided such loan or purchase is approved by the
court.
The procedure in such receivership action shall be in all other respects in
accordance with the practice in the court, including all rights of appeal and
review. The directors, officers and attorneys of an association in office at the
time of the initiation of any proceeding under this or the preceding section are
expressly authorized to contest any such proceeding and shall be reimbursed
for reasonable expenses and attorneys' fees by the association or from its
assets. Any court having any such proceeding before it shall allow and order
paid reasonable expenses and attorneys' fees for such directors, officers and
attorneys.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 708, effective July 15, 2010. -Created 1964 Ky. Acts ch. 138, sec. 55, effective June 18, 1964.
Formerly codified as KRS 289.760.
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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