(1) A receiver ortrustee of any of the property of the insurer, appointed in a case orproceeding not under this Article;
(2) An assignee under ageneral assignment for the benefit of the insurer's creditors; or
(3) A trustee, receiver,or agent under applicable law, or under a contract, that is appointed orauthorized to take charge of property of the insurer for the purpose ofenforcing a lien against such property, or for the purpose of generaladministration of such property for the benefit of the insurer's creditors.
(b) A custodian withknowledge of the commencement of a proceeding under this Article may not makeany disbursement from, or take any action in the administration of property ofthe insurer, proceeds of such property, or property of the estate, in thepossession, custody, or control of such custodian, except such action as isnecessary to preserve such property.
(c) A custodian shall:
(1) Deliver to thereceiver any property of the insurer transferred to such custodian, or proceedsof such property, that is in such custodian's possession, custody, or controlon the date that such custodian acquires knowledge of the commencement of theproceeding; and
(2) File an accountingof any property of the insurer, or proceeds of such property, that, at anytime, came into the possession, custody, or control of such custodian.
(d) The Court, afternotice and a hearing, shall:
(1) Protect all entitiesto which a custodian has become obligated with respect to such property;
(2) Provide for thepayment of reasonable compensation for services rendered and costs and expensesincurred by such custodian; and
(3) Surcharge suchcustodian, other than an assignee for the benefit of the insurer's creditorsthat was appointed or took possession more than 120 days before the date of thefiling of the petition, for any improper excessive disbursement, other than adisbursement that has been made in accordance with applicable law or approved,after notice and a hearing, by a court of competent jurisdiction before thecommencement of the proceeding under this Article.
(e) The Court may,after notice and a hearing, excuse compliance with subsection (a), (b), or (c)of this section, if the interests of policyholders, creditors, and any equitysecurity holders would be better served by permitting a custodian to continuein possession, custody, or control of such property. (1989,c. 452, s. 1.)
(1) A receiver ortrustee of any of the property of the insurer, appointed in a case orproceeding not under this Article;
(2) An assignee under ageneral assignment for the benefit of the insurer's creditors; or
(3) A trustee, receiver,or agent under applicable law, or under a contract, that is appointed orauthorized to take charge of property of the insurer for the purpose ofenforcing a lien against such property, or for the purpose of generaladministration of such property for the benefit of the insurer's creditors.
(b) A custodian withknowledge of the commencement of a proceeding under this Article may not makeany disbursement from, or take any action in the administration of property ofthe insurer, proceeds of such property, or property of the estate, in thepossession, custody, or control of such custodian, except such action as isnecessary to preserve such property.
(c) A custodian shall:
(1) Deliver to thereceiver any property of the insurer transferred to such custodian, or proceedsof such property, that is in such custodian's possession, custody, or controlon the date that such custodian acquires knowledge of the commencement of theproceeding; and
(2) File an accountingof any property of the insurer, or proceeds of such property, that, at anytime, came into the possession, custody, or control of such custodian.
(d) The Court, afternotice and a hearing, shall:
(1) Protect all entitiesto which a custodian has become obligated with respect to such property;
(2) Provide for thepayment of reasonable compensation for services rendered and costs and expensesincurred by such custodian; and
(3) Surcharge suchcustodian, other than an assignee for the benefit of the insurer's creditorsthat was appointed or took possession more than 120 days before the date of thefiling of the petition, for any improper excessive disbursement, other than adisbursement that has been made in accordance with applicable law or approved,after notice and a hearing, by a court of competent jurisdiction before thecommencement of the proceeding under this Article.
(e) The Court may,after notice and a hearing, excuse compliance with subsection (a), (b), or (c)of this section, if the interests of policyholders, creditors, and any equitysecurity holders would be better served by permitting a custodian to continuein possession, custody, or control of such property. (1989,c. 452, s. 1.)
(1) A receiver ortrustee of any of the property of the insurer, appointed in a case orproceeding not under this Article;
(2) An assignee under ageneral assignment for the benefit of the insurer's creditors; or
(3) A trustee, receiver,or agent under applicable law, or under a contract, that is appointed orauthorized to take charge of property of the insurer for the purpose ofenforcing a lien against such property, or for the purpose of generaladministration of such property for the benefit of the insurer's creditors.
(b) A custodian withknowledge of the commencement of a proceeding under this Article may not makeany disbursement from, or take any action in the administration of property ofthe insurer, proceeds of such property, or property of the estate, in thepossession, custody, or control of such custodian, except such action as isnecessary to preserve such property.
(c) A custodian shall:
(1) Deliver to thereceiver any property of the insurer transferred to such custodian, or proceedsof such property, that is in such custodian's possession, custody, or controlon the date that such custodian acquires knowledge of the commencement of theproceeding; and
(2) File an accountingof any property of the insurer, or proceeds of such property, that, at anytime, came into the possession, custody, or control of such custodian.
(d) The Court, afternotice and a hearing, shall:
(1) Protect all entitiesto which a custodian has become obligated with respect to such property;
(2) Provide for thepayment of reasonable compensation for services rendered and costs and expensesincurred by such custodian; and
(3) Surcharge suchcustodian, other than an assignee for the benefit of the insurer's creditorsthat was appointed or took possession more than 120 days before the date of thefiling of the petition, for any improper excessive disbursement, other than adisbursement that has been made in accordance with applicable law or approved,after notice and a hearing, by a court of competent jurisdiction before thecommencement of the proceeding under this Article.
(e) The Court may,after notice and a hearing, excuse compliance with subsection (a), (b), or (c)of this section, if the interests of policyholders, creditors, and any equitysecurity holders would be better served by permitting a custodian to continuein possession, custody, or control of such property. (1989,c. 452, s. 1.)
