Washington § 32.24.070 - Receiver prohibited except in emergency.

Full text of Washington Revised Code of Washington § 32.24.070 — Receiver prohibited except in emergency., with citation guidance and answers to common questions.

§ 32.24.070. Receiver prohibited except in emergency.

No receiver shall be appointed by any court for any savings bank, nor shall any assignment of any such bank for the benefit of creditors be valid, excepting only that a court otherwise having jurisdiction may in case of imminent necessity appoint a temporary receiver to take possession of and preserve the assets of the savings bank. Immediately upon any such appointment, the clerk of the court shall notify the director in writing of such appointment and the director shall immediately take possession of the savings bank, as in case of insolvency, and the temporary receiver shall upon demand of the director surrender up to him or her such possession and all assets which have come into his or her possession. The director shall in due course pay such receiver out of the assets of the savings bank such amount as the court shall allow.
[ 2010 c 88 s 61; 1994 c 92 s 345; 1955 c 13 s 32.24.070. Prior: 1931 c 132 s 9; RRS s 3375e.]

Notes

Effective date—2010 c 88: See RCW 32.50.900.

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Frequently Asked Questions About Washington § 32.24.070

What does Revised Code of Washington § 32.24.070 cover?

Section 32.24.070 ("Receiver prohibited except in emergency.") 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 § 32.24.070?

A common citation format is "Revised Code of Washington § 32.24.070" (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 § 32.24.070 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.