§ 19-11-6 - Collection of assets – Continuation of business – General powers of conservator.
SECTION 19-11-6
§ 19-11-6 Collection of assets –Continuation of business – General powers of conservator. – (a) Each conservator, upon the terms and conditions and in accordance with theorders, rules and regulations, general and special, prescribed from time totime by the director or the director's designee, shall, so far as possible,collect all moneys and other assets due and payable to the financialinstitution or credit union and do all acts necessary to continue its businessand to conserve its assets, and may sell or compound bad or doubtful claims anddemands due to the financial institution or credit union.
(b) With the written authorization of the director or thedirector's designee, a conservator may at any time, in the name and upon thecredit of the financial institution or credit union, borrow money for anypurpose and pledge and deliver to the lender the whole or any part of theproperty and assets of the financial institution or credit union as securityfor the repayment of any loan, and may sell all or any part of the real andpersonal property and other assets of the financial institution or creditunion, and in the name of the financial institution or credit union may takemortgages on real property from purchasers to secure the whole or part of thepurchase price.
(c) The conservator may prosecute and defend suits and otherproceedings at law and in equity to which the financial institution or creditunion is a party.
(d) The conservator may execute, acknowledge, and deliverdeeds, assignments, mortgages, releases, promissory notes, and otherinstruments which the conservator may consider necessary, proper, and desirableto effectuate any sales, pledges, or mortgages of real or personal property andany obligation to repay loans, any compromise and any other transaction whichmay be performed or entered into by the conservator under the powers andauthority which may be conferred upon him or her. All deeds and otherinstruments, so executed and delivered, shall be valid and effectual for allpurposes to the same extent and with the same effect as if executed by officersof the financial institution or credit union by authority of its board ofdirectors or stockholders.
(e) In addition to all powers and authority and dutiesspecifically mentioned and provided in this chapter, each conservator shallhave and exercise all the powers and authority and perform the duties that thedirector, by either general or special orders, shall prescribe.