No financial institution shall make a general assignment of its business and property
for the benefit of its creditors by the appointment of an assignee or a trustee or
otherwise. In lieu of the power to make an assignment for the benefit of creditors, a financial
institution may request the department to take possession as provided in this part.
In such cases, the department shall take possession and become receiver in the same
manner and subject to the same provisions of this chapter as when it takes possession
of the business and property of a financial institution without the request of such
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.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.