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Current as of January 01, 2025 | Updated by Findlaw Staff
A. The secretary, upon taking possession of the business and property of an institution as receiver, shall forthwith, under the seal of the department, prepare in duplicate a certificate, to be known as the certificate of possession, setting forth that he has become receiver of the institution. It shall state the name of the deputy receiver whom the secretary, pursuant to the provisions of this act, appoints to take charge of the affairs of the institution, and shall set forth the duties which he delegates to such deputy receiver. If the secretary does not appoint a deputy receiver prior to the date of the filing of the certificate of possession, or if he appoints a new deputy receiver or an additional one, or if he adds to the duties of the deputy receiver, he shall prepare, in duplicate, and file a supplement to the certificate of possession.
B. The secretary shall file the original certificate of possession and the original of any supplement thereto in his office in Harrisburg, and the duplicate certificate of possession and the duplicate of any supplement thereto in the office of the prothonotary. The certificate of possession filed in the prothonotary's office, and any supplement thereto, shall be listed in the judgment index in the name of the institution as defendant and of the secretary as plaintiff.
C. The certificate of possession filed with the prothonotary shall constitute valid evidence that any real property owned by or upon which there is a lien which belongs to the institution has come into possession of the receiver as of the date specified therein.
D. The receiver shall file with the prothonotary a supplementary certificate of possession stating when the receiver has transferred or surrendered possession of the institution to another entity and stating the entity's name, address and telephone number.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 71 P.S. State Government § 733-604. Certificates of possession; filing; title to and liens against real property; supplements to certificate of possession to surrender or transfer receivership - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-71-ps-state-government/pa-st-sect-71-733-604/
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