6-483. Procedure for liquidation; rights of
share transferor
A. The liquidation under this article of an association, and a receivership
thereof, may, at the discretion of the receiver or receivers, be conducted and carried
out in full or in part in the same manner as provided in this title for the liquidation
of or receivership for an insolvent bank.
B. Regardless of whether the federal deposit insurance corporation serves as
receiver or co-receiver of any insured association, when it pays or makes available for
payment the liabilities of the insured association in receivership which are insured by
it, it shall, upon the surrender and transfer to it of any account or investment
certificate insured by it, be subrogated with respect to the account or investment
certificate. The surrender and transfer of the account or investment certificate,
however, shall not affect any right which the transferor thereof may have in any portion
of the account or investment certificate which is uninsured, or any right to participate
in the distribution of the net proceeds remaining from the disposition of the assets of
the insured association, but if different provisions from the foregoing provisions of
this and the preceding sentence would be applicable if the association were a federal
savings and loan association, then the provisions shall be applicable under the laws of
this state to the extent that they can validly be made so applicable. In any event the
rights of the holders of accounts or investment certificates of the insured association
shall be determined in accordance with the applicable provisions of the laws of this
state.
C. The procedure provided for in this article for the liquidation of savings and
loan associations shall be exclusive, and no receiver shall be appointed by any court of
this state to take charge of the affairs of an association except as provided in this
article.
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