58-29B-42. Order of liquidation--Contents--Title vested in liquidator--Effect of filing or recording.
177 words·~1 min read·
/sd/title-58/chapter-58-29/58-29b-42·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An order to liquidate the business of a domestic insurer shall contain appointment of the director and his successors in office as liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The liquidator shall be vested by operation of law with the title to all property, contracts, and rights of action and all of the books and records of the insurer ordered liquidated, wherever located, as of the entry of the final order of liquidation.
The filing or recording of the order with the clerk of the circuit court of Hughes County and the register of deeds of the county in which its principal office or place of business is located, or, in the case of real estate with the register of deeds of the county where the property is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that register of deeds would have imparted.