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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

previous next Effective - 28 Aug 1967bottom

  370.154.  Powers of receiver. — 1.  The director or other suitable person, while acting as temporary or permanent receiver of a credit union, may compromise and settle, under such general or specific authority as may be granted by order of the court, any and all debts owing by or claims against the credit union, and any indebtedness owing to or claims held by the credit union.

  2.  The courts may determine the value at which any accounts or shares of the credit union pledged to it as collateral with loans may be applied in reduction of the loans.

  3.  The director, while in charge of a credit union, may receive and receipt for any property of or money owing to the credit union, and * release and satisfy any lien securing the payment of any money so owing.

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(L. 1967 p. 509)

*Word "to" appears in original rolls.


---- end of effective   28 Aug 1967 ----

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