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(1) For the purpose of this section the term “liquidating officer” includes every person legally empowered to liquidate the business and affairs of a state bank, whether the liquidation is by the department or its deputies and agents. The term also includes all receivers of state banks qualified to liquidate a state bank under any law of this state.
(2) The liquidating officer of a bank may decide when the assets of a failed bank are not sufficient to pay the debts, contracts, engagements, and liabilities and may determine the time when and the court where necessary legal proceedings are conducted, subject to the general provisions of law governing venue and place of trial.
Cite this article: FindLaw.com - Montana Title 32. Financial Institutions § 32-1-552. Further duties of liquidating officer - last updated April 27, 2021 | https://codes.findlaw.com/mt/title-32-financial-institutions/mt-code-ann-sect-32-1-552/
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