Any financial institution of whose business or property the department has taken possession
as receiver may, at any time within ten days after the department has become receiver,
apply to the principal court for an order requiring the department to show cause why
it should not be enjoined from continuing as receiver. Service may be made in such action by serving the commissioner personally or by
leaving a copy with the deputy in charge of his or her office in the department or
by serving the deputy receiver appointed by the department to manage the affairs of
such financial institution. The court shall, after a hearing upon the merits, either dismiss the application
or order the department to surrender to the financial institution possession of its
business and property; but no such injunction shall issue where the department has
been appointed receiver by action of a court of competent jurisdiction or by action
of the financial institution itself, in accordance with this chapter. Such application for injunction may in the discretion of the court be heard at any
time after service as provided in this Code section, with the right by either party
to appeal, as in other cases of applications for temporary injunction.
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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