Pennsylvania Statutes Title 71 P.S. State Government § 733-716. Compromise of claims; extension of mortgages

A. The secretary may, with leave of court, compound or compromise any debt, claim, or judgment due to the institution of which he is in possession as receiver, and discontinue any action or other proceeding pending therefor.

B. The secretary may, without leave of court, enter into an agreement in writing, upon such terms as shall seem reasonable to him, with any mortgagor or owner to extend for a period not to exceed three years the maturity of any mortgage obligation in his possession. However, the secretary shall not enter into any agreement extending any mortgage which shall have been pledged by the institution of which he is in possession as receiver, unless he shall first obtain the written consent of the pledgee of such mortgage to such extension.