1157.22 [Effective Until 9/13/2010] Disposition of contents of safes, vaults, and boxes.
The superintendent of building and loan associations, after he has taken possession of the property and business of a domestic building and loan association, may send a notice in writing by registered mail to each person, corporation, partnership, or association claiming to be, or appearing upon the books of such association to be, the owner of any personal property theretofore left in the possession of such association as bailee or depository for hire, or claiming to be the lessee of any safe, vault, or box held by or on the premises of such association. Such notice shall be directed to each such person, corporation, partnership, or association at its post-office address recorded in the books of such association or, if its name is not recorded in such books, at its last known post-office address, and shall notify each such addressee to remove all such personal property within the period stated in such notice, and such period shall be not less than sixty days from the date of the mailing of such notice. If such property has not been removed within the time specified in such notice, the superintendent may apply to the court of common pleas in which the liquidation proceedings are pending for an order directing him to cause any safe, vault, or box held by or on the premises of such association to be opened in his presence or in the presence of a special deputy superintendent, and in the presence of a notary public who is not an officer or in the employ of such association or of the superintendent; to cause any contents thereof to be listed and then to be enclosed in a container, which container shall be sealed and distinctly marked by such notary public with the name and address of the person, corporation, partnership, or association in whose name such safe, vault, or box is shown upon the books of such association; and to cause such list and a description of the property in such container to be attached to such container. The container shall then be kept by the superintendent in his custody and control until delivered to the person, corporation, partnership, or association whose name appears thereon, but, within six months after the order for final distribution, all moneys, rights to moneys, and other intangible property shall be reported as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code unless otherwise disposed of as directed by such court or by a judge thereof, except that division (D) of section 169.03 of the Revised Code does not apply.
Such contents shall be held by the superintendent subject to the payment of all unpaid rent on such safe, vault, or box, of all expenses incurred in opening it, and of reasonable compensation for the safekeeping of the contents after their removal from it.
After the superintendent has mailed the notice in writing as provided in this section, any contract of bailment or of deposit for hire, and any lease of a safe, vault, or box, between such person, corporation, partnership, or association and such building and loan association shall terminate upon the date of removal and the amount of any unearned rent or charges paid for such bailment or lease by such person, corporation, partnership, or association shall become a general claim against such building and loan association.
Effective Date: 10-16-1972
This section is set out twice. See also § 1157.22, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.22 [Effective 9/13/2010] Powers of receiver
(A) A receiver shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the savings and loan association;
(2) To collect all debts, claims, and judgments belonging to the savings and loan association and to take any other action, including the lending of money, necessary to preserve and liquidate the assets of the savings and loan association;
(3) To execute in the name of the savings and loan association any instrument necessary or proper to effectuate the receiver’s powers or perform its duties as receiver;
(4) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the savings and loan association;
(5) To exercise all fiduciary functions of the savings and loan association as of the date of appointment as receiver;
(6) To borrow money as necessary in the liquidation of the savings and loan association, and to secure those borrowings by the pledge or mortgage of assets of the savings and loan association;
(7) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the savings and loan association has an interest, whenever the receiver determines that continuing to claim that interest is burdensome and of no advantage to the savings and loan association or its account holders, creditors, or shareholders;
(8) To sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the savings and loan association, to discontinue any pending action or other proceeding, and to sell or otherwise transfer all or a substantial portion of the assets or liabilities of the savings and loan association;
(9) To establish ancillary receiverships in any jurisdiction the receiver determines necessary;
(10) To distribute assets in accordance with this chapter;
(11) To take any other action incident to the powers set forth in division (A) of this section.
(B) Unless specifically indicated to the contrary, the powers conferred upon a receiver under this section may be exercised without court approval. However, nothing in this section shall be construed to prevent a receiver from obtaining court approval when the receiver determines approval is appropriate under the circumstances.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-16-1972
This section is set out twice. See also § 1157.22, effective until 9/13/2010.
1157.22 [Effective Until 9/13/2010] Disposition of contents of safes, vaults, and boxes.
The superintendent of building and loan associations, after he has taken possession of the property and business of a domestic building and loan association, may send a notice in writing by registered mail to each person, corporation, partnership, or association claiming to be, or appearing upon the books of such association to be, the owner of any personal property theretofore left in the possession of such association as bailee or depository for hire, or claiming to be the lessee of any safe, vault, or box held by or on the premises of such association. Such notice shall be directed to each such person, corporation, partnership, or association at its post-office address recorded in the books of such association or, if its name is not recorded in such books, at its last known post-office address, and shall notify each such addressee to remove all such personal property within the period stated in such notice, and such period shall be not less than sixty days from the date of the mailing of such notice. If such property has not been removed within the time specified in such notice, the superintendent may apply to the court of common pleas in which the liquidation proceedings are pending for an order directing him to cause any safe, vault, or box held by or on the premises of such association to be opened in his presence or in the presence of a special deputy superintendent, and in the presence of a notary public who is not an officer or in the employ of such association or of the superintendent; to cause any contents thereof to be listed and then to be enclosed in a container, which container shall be sealed and distinctly marked by such notary public with the name and address of the person, corporation, partnership, or association in whose name such safe, vault, or box is shown upon the books of such association; and to cause such list and a description of the property in such container to be attached to such container. The container shall then be kept by the superintendent in his custody and control until delivered to the person, corporation, partnership, or association whose name appears thereon, but, within six months after the order for final distribution, all moneys, rights to moneys, and other intangible property shall be reported as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code unless otherwise disposed of as directed by such court or by a judge thereof, except that division (D) of section 169.03 of the Revised Code does not apply.
Such contents shall be held by the superintendent subject to the payment of all unpaid rent on such safe, vault, or box, of all expenses incurred in opening it, and of reasonable compensation for the safekeeping of the contents after their removal from it.
After the superintendent has mailed the notice in writing as provided in this section, any contract of bailment or of deposit for hire, and any lease of a safe, vault, or box, between such person, corporation, partnership, or association and such building and loan association shall terminate upon the date of removal and the amount of any unearned rent or charges paid for such bailment or lease by such person, corporation, partnership, or association shall become a general claim against such building and loan association.
Effective Date: 10-16-1972
This section is set out twice. See also § 1157.22, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.22 [Effective 9/13/2010] Powers of receiver
(A) A receiver shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the savings and loan association;
(2) To collect all debts, claims, and judgments belonging to the savings and loan association and to take any other action, including the lending of money, necessary to preserve and liquidate the assets of the savings and loan association;
(3) To execute in the name of the savings and loan association any instrument necessary or proper to effectuate the receiver’s powers or perform its duties as receiver;
(4) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the savings and loan association;
(5) To exercise all fiduciary functions of the savings and loan association as of the date of appointment as receiver;
(6) To borrow money as necessary in the liquidation of the savings and loan association, and to secure those borrowings by the pledge or mortgage of assets of the savings and loan association;
(7) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the savings and loan association has an interest, whenever the receiver determines that continuing to claim that interest is burdensome and of no advantage to the savings and loan association or its account holders, creditors, or shareholders;
(8) To sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the savings and loan association, to discontinue any pending action or other proceeding, and to sell or otherwise transfer all or a substantial portion of the assets or liabilities of the savings and loan association;
(9) To establish ancillary receiverships in any jurisdiction the receiver determines necessary;
(10) To distribute assets in accordance with this chapter;
(11) To take any other action incident to the powers set forth in division (A) of this section.
(B) Unless specifically indicated to the contrary, the powers conferred upon a receiver under this section may be exercised without court approval. However, nothing in this section shall be construed to prevent a receiver from obtaining court approval when the receiver determines approval is appropriate under the circumstances.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-16-1972
This section is set out twice. See also § 1157.22, effective until 9/13/2010.
1157.22 [Effective Until 9/13/2010] Disposition of contents of safes, vaults, and boxes.
The superintendent of building and loan associations, after he has taken possession of the property and business of a domestic building and loan association, may send a notice in writing by registered mail to each person, corporation, partnership, or association claiming to be, or appearing upon the books of such association to be, the owner of any personal property theretofore left in the possession of such association as bailee or depository for hire, or claiming to be the lessee of any safe, vault, or box held by or on the premises of such association. Such notice shall be directed to each such person, corporation, partnership, or association at its post-office address recorded in the books of such association or, if its name is not recorded in such books, at its last known post-office address, and shall notify each such addressee to remove all such personal property within the period stated in such notice, and such period shall be not less than sixty days from the date of the mailing of such notice. If such property has not been removed within the time specified in such notice, the superintendent may apply to the court of common pleas in which the liquidation proceedings are pending for an order directing him to cause any safe, vault, or box held by or on the premises of such association to be opened in his presence or in the presence of a special deputy superintendent, and in the presence of a notary public who is not an officer or in the employ of such association or of the superintendent; to cause any contents thereof to be listed and then to be enclosed in a container, which container shall be sealed and distinctly marked by such notary public with the name and address of the person, corporation, partnership, or association in whose name such safe, vault, or box is shown upon the books of such association; and to cause such list and a description of the property in such container to be attached to such container. The container shall then be kept by the superintendent in his custody and control until delivered to the person, corporation, partnership, or association whose name appears thereon, but, within six months after the order for final distribution, all moneys, rights to moneys, and other intangible property shall be reported as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code unless otherwise disposed of as directed by such court or by a judge thereof, except that division (D) of section 169.03 of the Revised Code does not apply.
Such contents shall be held by the superintendent subject to the payment of all unpaid rent on such safe, vault, or box, of all expenses incurred in opening it, and of reasonable compensation for the safekeeping of the contents after their removal from it.
After the superintendent has mailed the notice in writing as provided in this section, any contract of bailment or of deposit for hire, and any lease of a safe, vault, or box, between such person, corporation, partnership, or association and such building and loan association shall terminate upon the date of removal and the amount of any unearned rent or charges paid for such bailment or lease by such person, corporation, partnership, or association shall become a general claim against such building and loan association.
Effective Date: 10-16-1972
This section is set out twice. See also § 1157.22, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.22 [Effective 9/13/2010] Powers of receiver
(A) A receiver shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the savings and loan association;
(2) To collect all debts, claims, and judgments belonging to the savings and loan association and to take any other action, including the lending of money, necessary to preserve and liquidate the assets of the savings and loan association;
(3) To execute in the name of the savings and loan association any instrument necessary or proper to effectuate the receiver’s powers or perform its duties as receiver;
(4) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the savings and loan association;
(5) To exercise all fiduciary functions of the savings and loan association as of the date of appointment as receiver;
(6) To borrow money as necessary in the liquidation of the savings and loan association, and to secure those borrowings by the pledge or mortgage of assets of the savings and loan association;
(7) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the savings and loan association has an interest, whenever the receiver determines that continuing to claim that interest is burdensome and of no advantage to the savings and loan association or its account holders, creditors, or shareholders;
(8) To sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the savings and loan association, to discontinue any pending action or other proceeding, and to sell or otherwise transfer all or a substantial portion of the assets or liabilities of the savings and loan association;
(9) To establish ancillary receiverships in any jurisdiction the receiver determines necessary;
(10) To distribute assets in accordance with this chapter;
(11) To take any other action incident to the powers set forth in division (A) of this section.
(B) Unless specifically indicated to the contrary, the powers conferred upon a receiver under this section may be exercised without court approval. However, nothing in this section shall be construed to prevent a receiver from obtaining court approval when the receiver determines approval is appropriate under the circumstances.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-16-1972
This section is set out twice. See also § 1157.22, effective until 9/13/2010.
