(1) Any receiver appointed in a proceeding under this part 5 may at any time apply
for, and any court of general jurisdiction may grant, such restraining orders, preliminary
and permanent injunctions, and other orders as may be deemed necessary and proper
(a) The transaction of further business;
(b) The transfer of property;
(c) Interference with the receiver or with a proceeding under this part 5;
(d) Waste of the insurer's assets;
(e) Dissipation or transfer, or both, of bank accounts;
(f) The institution or further prosecution of any actions or proceedings;
(g) The obtaining of preferences, judgments, attachments, garnishments, or liens against
the insurer, its assets, or its policyholders;
(h) The levying of execution against the insurer, its assets, or its policyholders;
(i) The making of any sale or deed for nonpayment of taxes or assessments that would
tend to lessen the value of the assets of the insurer;
(j) The withholding from the receiver of books, accounts, documents, or other records
relating to the business of the insurer; or
(k) Any other threatened or contemplated action that might tend to lessen the value
of the insurer's assets or prejudice the rights of policyholders, creditors, or shareholders
or the administration of any proceeding under this part 5.
(2) The receiver may, if necessary, apply to any court outside of the state for the
relief described in subsection (1) of this section.
(3) Notwithstanding subsections (1) and (2) of this section and any other provision
of this title, a federal home loan bank shall not be stayed, enjoined, or prohibited
from exercising or enforcing any right or cause of action regarding collateral pledged
under a security agreement or under any pledge agreement, security agreement, collateral
agreement, guarantee agreement, or other similar arrangement or credit enhancement
relating to a security agreement to which the federal home loan bank is a party.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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