Download as PDF
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.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
