303.150 Appointment of receiver -- Dissolution of association.

280 words·~1 min read·/ky/chapter-303/303-150

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)If, upon examination of a burial association by the commissioner or any person

designated by him to make the examination, it appears that the liabilities of the

association exceed its resources, and it cannot in a reasonable time, not more than

three

(3)months from the date of the original default, pay its accrued indebtedness

in full, he shall report the facts to the Attorney General. The Attorney General shall,

upon the commissioner's report, apply to the Judge of the Franklin Circuit Court or

to the Judge of the Circuit Court of the county wherein the association is located for

an order closing the business of the association, and appointing a receiver for the

distribution of its assets among creditors. No final order shall be made until the

association has had ten

(10)days' notice of the application and an opportunity to be

heard. Upon hearing the matter, the court may make any order which the interest of

the association and the public may require.

(2)When any burial association discontinues business, or when for any cause a

dissolution is decreed, or when for sixty

(60)days any judgment remains

unsatisfied, the Circuit Judge in any county in which the association has transacted

business may appoint a receiver to distribute its assets among its policyholders for

any persons having claims against the association. The assets shall be applied first,

on accrued or natural claims or policies; second, on claims of any other kind or

character; third, in payment to policyholders of all dues paid in by them; and, if a

balance remains after payment of the above named claims, then that sum shall be

returned to the burial association.