6-482

6-482. Receiver; appointment; transfer of
assets; powers; liability

A. If the court grants a petition for receivership filed by the superintendent, the
superintendent shall be appointed as receiver and may forthwith take possession of the
property and business of the association and retain possession until the association
resumes business or its affairs are finally liquidated, but if the association has the
insurance protection provided by title IV of the national housing act, as now or
hereinafter amended, the court may tender to the federal deposit insurance corporation
the appointment as receiver, or as co-receiver with the superintendent.

B. Upon the acceptance by the insurance corporation of the appointment as receiver
or co-receiver, possession of and title to all the assets, property and business of the
insured association shall automatically pass to and be vested in the insurance
corporation as receiver, or in the insurance corporation and the superintendent jointly
as co-receivers, as the case may be. Thereupon the insurance corporation, if it is
receiver, or the insurance corporation and the superintendent equally and jointly, if the
insurance corporation is co-receiver, shall have and possess, and may exercise:

1. All the powers and privileges provided by the laws of this state or otherwise
with respect to the superintendent as receiver of a savings and loan association.

2. Accumulatively and additionally to each of the foregoing, all of the rights,
powers, privileges and authority which were held or possessed by the association and its
officers, directors, members and creditors.

3. All the rights, privileges, powers and authority conferred upon or vested in it,
or intended so to be, by federal statutes.

C. The receiver or receivers may also make loans on the security of, or may
purchase at public or private sale or otherwise, bid at any receiver's or liquidator's
sale, and liquidate or sell, all or any part of the assets of the insured association,
and, in the event of the purchase of any assets of an association of which it is receiver
or co-receiver, it shall bid for and pay a fair and reasonable price.

D. Except as otherwise in writing specifically agreed by the receiver or receivers,
no transaction, contract, undertaking or agreement, and no exercise by the receiver or
receivers, or either of them, of any of the rights, powers, privileges or authority by
this article or otherwise vested in them as receivers, or with respect to any
receivership or liquidation, shall constitute a personal debt, obligation or liability of
or on the part of the receiver or receivers or either of them.