§ 19-12-12 - Receiver as a lien creditor and as successor to certain creditors and purchasers.
SECTION 19-12-12
§ 19-12-12 Receiver as a lien creditor andas successor to certain creditors and purchasers. – (a) A receiver appointed pursuant to this chapter shall have, as of thecommencement of the receivership proceeding, and without regard to anyknowledge of the receiver or of any creditor, the rights and powers of, or mayavoid any transfer of property of the financial institution or credit union orany obligation incurred by the financial institution or credit union that isvoidable by:
(1) A creditor who extends credit to the financialinstitution or credit union at the time of the commencement of the receivershipproceeding, and who obtains, at that time and with respect to that credit, ajudicial lien on all property on which a creditor on a simple contract couldhave obtained a judicial lien, whether or not a creditor exists;
(2) A creditor who extends credit to the financialinstitution or credit union at the time of the commencement of the receivershipproceeding, and obtains, at that time and with respect to that credit, anexecution against the financial institution or credit union that is returnedunsatisfied at that time, whether or not a creditor exists; or
(3) A bona fide purchaser of real property, other thanfixtures, from the financial institution or credit union, against whomapplicable law permits the transfer to be perfected, and obtains the status ofa bona fide purchaser and has perfected the transfer at the time of thecommencement of the receivership proceeding, whether or not a purchaser exists.
(b) The receiver may avoid any transfer of an interest of thefinancial institution or credit union in property or any obligation incurred bythe financial institution or credit union that is voidable under any applicablelaw by a creditor holding an unsecured claim against the financial institutionor credit union.
(c) Without limiting the provisions of subsection (a), thereceiver shall be deemed a lien creditor as that term is defined in §6A-9-301-(3) and a creditor as that term is defined in § 6-16-1(d) andshall have all the rights and powers accorded to the lien creditor or creditorby any provisions of applicable law.
(d) In the event that the receiver shall make any sale orother transfer of all or any part of the assets of the financial institution orcredit union to any transferee, the status and the rights and powers accordedthe receiver by virtue of the provisions of subsections (a) through (c) of thissection shall automatically vest in the transferee with respect to the assets.