215.32 Possession by division; involuntary liquidation.

346 words·~2 min read·/wi/chapter-215/215-32-5

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

(1)Definition. In this section, “circuit court” means the circuit court of Dane County, notwithstanding s. 801.50 .

(1m)Conditions for taking possession. The division may take possession of the business and property of any association to which this chapter applies if the division finds that the association:

(a)Is conducting its business contrary to law; or

(b)Has violated its charter or any law; or

(c)Is conducting its business in an unauthorized or unsafe manner; or

(d)Is in an unsound or unsafe condition to transact its business; or

(e)Has an impairment of its savings accounts; or

(f)Cannot with safety and expediency continue business; or

(g)Has suspended payment of its obligations; or

(h)Has failed to comply with an order of the division; or

(i)Has refused to submit its books, papers, records or affairs for inspection; or

(j)Has refused to be examined upon oath regarding its affairs.

(2)Procedure after taking possession. After taking possession of the business and property of an association, the division shall immediately:

(a)Serve written notice on an officer of the association stating that the division has taken possession and control of the business and property of the association. A copy of the notice and proof of service thereof shall be filed with the clerk of circuit court.

(b)Mail notice to the last-known address of any person known to the division to be in possession of assets of the association.

(3)Employment of counsel; retention of officers and employees of association. The division may employ necessary counsel and experts in a liquidation under this section and may retain any officer or employee of the association.

(4)Appointment of special deputy. The division may appoint special deputies as agents to assist in the liquidation and distribution of the assets of associations whose business and property the division has taken possession of. A certificate of the appointment shall be filed with the division and a certified copy shall be filed in the office of the clerk of circuit court.