§ 23-38-305 - Loans from federal agencies -- Authority of receiver.
23-38-305. Loans from federal agencies -- Authority of receiver.
(a) The receiver in charge of any insolvent building and loan association, on behalf of that association, may apply for and procure loans from a lending agency of the United States government. The proceeds of those loans may be paid to creditors of the insolvent building and loan association.
(b) To evidence liability for the repayment of loans, the receiver, as custodian of the insolvent building and loan association, may execute and deliver to the lending agency of the United States government from whom the loan is procured promissory notes which will constitute the obligation of the building and loan association named therein.
(c) In order to secure the payment of the notes given as provided in subsection (b) of this section, the receiver may assign, convey, mortgage, pledge, and hypothecate to the lending agency of the United States government any and all assets of the insolvent building and loan association receiving the loan, which assignment, conveyance, mortgage, pledge, or hypothecation will operate to confer upon the lending agency a first lien upon the assets thus given as collateral.
(d) To facilitate and effectuate the procurement and consummation of these loans, the receiver may execute and deliver to the lending agency of the United States government any applications, warranties, statements, information forms, contracts, agreements, and other instruments which may be required by the lending agency.
(e) The authority to procure loans herein conferred upon the receiver of insolvent building and loan associations includes the authority to renew them from time to time.