§ 19-12-10 - Automatic stay.
SECTION 19-12-10
§ 19-12-10 Automatic stay. – (a) The appointment of a temporary or permanent receiver pursuant to theprovisions of this chapter, or the taking of possession of the financialinstitution or credit union and its assets by the director or the director'sdesignee, whichever shall first occur, shall operate as a stay until furtherorder of the court, applicable to all persons and entities, of:
(1) The commencement or continuation, including the issuanceor employment of process, of a judicial, administrative, or other action orproceeding against the financial institution or credit union that was or couldhave been commenced before the commencement of the receivership under thischapter, or to recover a claim against the financial institution or creditunion that arose before the commencement of the receivership pursuant to thischapter;
(2) The enforcement, against the financial institution orcredit union or against property of the receivership estate, or a judgmentobtained before the commencement of the receivership under this chapter;
(3) Any act to obtain possession of property of, or from, thereceivership estate or to exercise control over property of the estate;
(4) Any act to create, perfect, or enforce any lien againstproperty of the receivership estate;
(5) Any act to create, perfect, or enforce against propertyof the financial institution or credit union any lien to the extent that thelien secures a claim that arose before the commencement of the receivershipunder this title;
(6) Any act to collect, assess, or recover a claim againstthe financial institution or credit union that arose before the commencement ofthe receivership under this chapter; and
(7) The setoff of any debt owing to the financial institutionor credit union that arose before the commencement of the receivership underthis chapter against any claim against the financial institution or creditunion.
(b) Nothing in this section shall be construed to prevent theissuance, employment, or enforcement of process in conjunction with anyinvestigation by state or federal authorities.