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This entry was published on 2014-09-22
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SECTION 637
Powers of superintendent in possession; application for receiver
Banking (BNK) CHAPTER 2, ARTICLE 13-A
§ 637. Powers of superintendent in possession; application for
receiver. 1. When the superintendent has taken possession of the
business and property of a licensee, he shall liquidate or otherwise
deal with such business and property in accordance with the provisions
of article thirteen of this chapter applicable to the possession,
liquidation and conservation of the business and property of a banking
organization.

2. Whenever the superintendent has taken possession of the business
and property of a licensee, he may, in his discretion, apply to the
supreme court in the judicial district in which such licensee's
principal office is located for the appointment of a receiver to
liquidate or otherwise deal with the affairs of the licensee. Any
receiver which accepts such appointment may act without bond or other
security as to such appointment and shall have and possess, and may
exercise, all the rights, powers and privileges provided by this article
to the superintendent or by the laws of this state to the superintendent
in his capacity as, or to any other, receiver or liquidator of a banking
organization.