Colorado § 11-44-113 - Procedure under court order.

§ 11-44-113. Procedure under court order.

(1) The commissioner may retain possession of a savings and loan association for the purpose of liquidating its affairs, but before doing so, the commissioner shall furnish a bond, executed by a surety company authorized to do business in this state and running to the people of the state of Colorado, in a penal sum equal to the value of the negotiable assets of the association, as nearly as may be determined, for the faithful discharge of the commissioner's duties in connection with liquidating the affairs of the association and accounting for all money coming into the commissioner's possession. The bond must be approved by the governor and filed in the office of the secretary of state. The cost of the bond shall be paid from the assets of the association. Suits may be maintained on the bond by any person injured by a breach of the conditions of the bond.

(2) Upon taking such possession, the commissioner shall have authority to collect all moneys due to such association, and to give full receipt therefor, and to do such other acts as are necessary or expedient to collect, conserve, or protect its business, property, and assets.

(3) If the commissioner is in possession of the business, property, and assets of an association, regardless of whether the commissioner is liquidating the affairs of the association, the commissioner may apply to the district court of the county in which the principal office of the association is located for an order confirming any action taken by the commissioner or authorizing the commissioner to do any act or to execute any instrument not expressly authorized by articles 40 to 46 of this title 11, which order shall be made after a hearing, on such notice as the court shall prescribe. The commissioner may pay and discharge any secured claims against the association, and, within six months after taking possession of the association, the commissioner may disaffirm any executory contracts, including leases, to which the association is a party and disaffirm any partially executed contracts, including leases, to the extent that they remain executory.

Source: L. 33: p. 342, § 12. CSA: C. 25, § 58. CRS 53: § 122-6-13. C.R.S. 1963: § 122-5-13. L. 2024: (1) and (3) amended, (HB 24-1381), ch. 350, p. 2384, § 50, effective August 7.