Washington § 48.31.240 - Borrowing on pledge of assets.

Full text of Washington Revised Code of Washington § 48.31.240 — Borrowing on pledge of assets., with citation guidance and answers to common questions.

§ 48.31.240. Borrowing on pledge of assets.

For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this chapter the commissioner may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor and secure the repayment of the same by the mortgage, pledge, assignment, transfer in trust, or hypothecation of any or all of the property whether real, personal or mixed of such insurer, and the commissioner, subject to the approval of the court, shall have power to take any and all other action necessary and proper to consummate any such loans and to provide for the repayment thereof. The commissioner shall be under no obligation personally or in his or her official capacity as commissioner to repay any loan made pursuant to this section.
[ 2009 c 549 s 7131; 1947 c 79 s .31.24; Rem. Supp. 1947 s 45.31.24.]

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

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Frequently Asked Questions About Washington § 48.31.240

What does Revised Code of Washington § 48.31.240 cover?

Section 48.31.240 ("Borrowing on pledge of assets.") 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 § 48.31.240?

A common citation format is "Revised Code of Washington § 48.31.240" (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 § 48.31.240 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.