§ 19301. Application for receiver; petition to divide losses If the Commissioner ascertains that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver unless, in case of a mutual […]
§ 19302. Appointment of receiver; notice and hearing The Court shall issue a notice to the treasurer and executive officer of such Vermont financial institution to appear at a time and place named in the notice and show cause why a receiver should not be appointed. If sufficient cause is not shown, the Court shall […]
§ 19303. Bonding of receiver The receiver shall give bonds to the State with sufficient surety, in a sum fixed by the Court, for the faithful discharge of his or her duties and for the due accounting of the monies received by the receiver. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, […]
§ 19304. Commissioner as receiver The Commissioner shall be appointed as such receiver unless the Superior judge is satisfied that it would be inadvisable for the Commissioner to act in that capacity. The Commissioner and successors of the Commissioner as receiver shall serve without compensation other than his or her stated compensation as Commissioner, but […]
§ 19305. Duties and rights of receiver The receiver shall collect, sue, and receive the debts and demands due and the property that belong to the Vermont financial institution and shall convert into cash its real and personal estate and, upon the approval of the Superior judge, may borrow money and pledge any part or […]
§ 19306. Federal deposit insurance corporation If the Federal Deposit Insurance Corporation shall have been appointed receiver of a closed Vermont financial institution, it may advance, with the consent and approval of the Superior judge, monies to pay insured deposits or for other proper purposes and shall have a lien upon all or any part […]
§ 19307. Subrogation Whenever any Vermont financial institution shall have been closed, and the Federal Deposit Insurance Corporation shall pay the insured deposit liabilities of such closed institution, such corporation, whether or not it shall have become a receiver of such closed financial institution, shall be subrogated to the extent of such payment to all […]
§ 19308. Order When on hearing and after such reasonable notice as the Superior judge may direct, any order as to a lien upon assets of a closed Vermont financial institution or of subrogation to the rights of depositors in the institution made by the judge under the authority of sections 19304 through 19307 of […]
§ 19309. Limitation on time for proving claims (a) By order, the Superior judge shall limit the time for creditors of the Vermont financial institution to present and prove their claims before the receiver. (b) Within 60 days from the date of such order, the receiver shall cause notice thereof to be given by publication […]
§ 19310. Submission of disallowed claims to Superior judge Claims presented to the receiver, upon his or her request or upon that of a person interested in the financial institution, or upon request of a creditor within 20 days after notice of the disallowance of his or her claim in whole or in part, shall […]
§ 19311. Order to discontinue unauthorized practices Whenever it appears to the Commissioner from the examination made by him or her, or from any report made to him or her, that a Vermont financial institution has committed a violation of its charter or of law, or is conducting its business and affairs in an unsafe […]
§ 19312. Failure to comply with Commissioner’s order If such financial institution or any of its officers refuses or neglects to comply with such order, the Commissioner may apply to the Superior Court of Washington County for such an injunction or order against such financial institution and its officers as the circumstances require. (Added 1999, […]
§ 19313. Authority of Court to enforce Commissioner’s order The Court shall issue a notice to the treasurer and president of such financial institution and to any officer who is alleged in such petition to have failed to proceed in conformity with the requirements of law to appear at a time and place named in […]
§ 19314. Accounting and report of receiver Annually, on or before January 31, and at such other time as may be required by the Commissioner, so long as the receivership is continued, the receiver of a financial institution shall make and transmit to the Commissioner a full statement of the affairs of such institution showing […]
§ 19315. Appeal A person dissatisfied with an order or decree of the Superior judge in any proceeding arising under this chapter may file an appeal as in other cases. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 313, eff. July 1, 2022.)
