6-395. Possession by deputy director and receivership
143 words·~1 min read·
/az/title-6/6-395A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the status of a bank as an insured bank is terminated by the federal deposit insurance corporation or the deputy director finds that a bank is in such an unsafe or unsound condition that it is or will become unable to meet the anticipated demands of its depositors and that the condition cannot be corrected by the procedures of chapter 1, article 5 of this title or section 6-137, the deputy director may immediately take possession and control of the bank and in such event shall, through the attorney general, apply to the superior court for the appointment of a receiver for the bank.
The court may act on the application forthwith and without notice to any person. If at any time the court finds that no ground for receivership exists, the receivership shall be dissolved and the deputy director's possession terminated.