2005 Connecticut Code - Sec. 19a-546. (Formerly Sec. 19-621f). Authority of receiver concerning leases, mortgages, secured transactions.
Sec. 19a-546. (Formerly Sec. 19-621f). Authority of receiver concerning
leases, mortgages, secured transactions. (a) A receiver may not be required to honor
any lease, mortgage, secured transaction or other contract entered into by the owner of
the facility if, upon application to the Superior Court, said court determines that: (1) The
person seeking payment under the agreement was an owner or controlling stockholder of
the facility or was an affiliate of such owner or controlling stockholder at the time the
agreement was made; or (2) the rental, price or rate of interest required to be paid under
the agreement was substantially in excess of a reasonable rental, price or rate of interest
at the time the contract was entered into.
(c) The provisions of this section shall not apply to a lease, mortgage, secured transaction or other contract entered into with any financial institution regulated by a state or federal agency.
(P.A. 78-227, S. 6, 10.)
History: Sec. 19-621f transferred to Sec. 19a-546 in 1983.
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