Washington § 32.24.040 - Notice to correct unsafe conditions — Possession may be taken under specified circumstances.

Full text of Washington Revised Code of Washington § 32.24.040 — Notice to correct unsafe conditions — Possession may be taken under specified circumstances., with citation guidance and answers to common questions.

§ 32.24.040. Notice to correct unsafe conditions — Possession may be taken under specified circumstances.

(1) Under the circumstances set forth in subsection (2) of this section, the director may give to a savings bank notice of unsafe condition of the savings bank; and if the savings bank fails to comply with the terms of such notice within thirty days from the date of its issuance, or within such further time as the director may allow, then the director may take possession of such savings bank as in the case of insolvency.
(2) The director is authorized to give notice and take possession of a savings bank, as described in subsection (1) of this section, under the following circumstances:
(a) The obligations to its creditors, depositors, members, trust beneficiaries, if applicable, and others exceed its assets;
(b) It has willfully violated a supervisory directive, cease and desist order, or other authorized directive or order of the director;
(c) It has concealed its books, papers, records, or assets, or refused to submit its books, records, or affairs to any examiner of the department;
(d) It is likely to be unable to pay its immediate obligations or meet its depositors' immediate demands in the normal course of business;
(e) It ceases to have deposit insurance acceptable to the director;
(f) It fails to submit a capital restoration plan acceptable to the department within a time previously called for or materially fails to implement a capital restoration plan that was previously submitted and accepted by the department; or
(g) It is critically undercapitalized or otherwise has substantially insufficient capital.
[ 2010 c 88 s 58; 1994 c 92 s 342; 1955 c 13 s 32.24.040. Prior: 1931 c 132 s 6; RRS s 3375b.]

Notes

Effective date—2010 c 88: See RCW 32.50.900.

Source: official Washington text · Last verified 2026-08-27

Related Washington Legal Topics

Frequently Asked Questions About Washington § 32.24.040

What does Revised Code of Washington § 32.24.040 cover?

Section 32.24.040 ("Notice to correct unsafe conditions — Possession may be taken under specified circumstances.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 32.24.040?

A common citation format is "Revised Code of Washington § 32.24.040" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 32.24.040 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.