51A-15-30. Limitations on powers of director or receiver in liquidating bank.
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/sd/title-51/chapter-51-15/51a-15-30·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court:
(1)Sell any asset of the bank having an appraised value in excess of five thousand dollars;
(2)Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or
(3)Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3).