Sec. 36a-226. (Formerly Sec. 36-39). Duties of receiver re inventory and appraisal of assets of Connecticut banks and credit unions in receivership. Conversion of assets. Deposit of money.
Sec. 36a-226. (Formerly Sec. 36-39). Duties of receiver re inventory and appraisal of assets of Connecticut banks and credit unions in receivership. Conversion
of assets. Deposit of money. The receiver shall, as soon after the receiver's appointment
as is practicable, make and return to the court an inventory and appraisal of the assets
of the Connecticut bank or Connecticut credit union or estate in receivership, verified
by oath according to the receiver's best knowledge, information and belief, and shall,
from time to time thereafter, make and return such additional or supplementary inventories and valuations, and render such reports of the receiver's actions and statements of
accounts, as are necessary for the information of the court or as are required by the
order of the court. The receiver shall hold all the assets which come into the receiver's
possession as such receiver, subject to the order of the court, and shall convert such assets
into money with all reasonable dispatch. The receiver shall deposit money collected on
behalf of such bank or credit union in a bank, a Connecticut credit union, a federal credit
union, an out-of-state bank that maintains in this state a branch, as defined in section
36a-410, or an out-of-state credit union that maintains in this state a branch, as defined
in section 36a-435b. In cases of doubt or difficulty, the receiver may, upon written
application, ask the advice of the court as to the manner in which the receiver shall
execute the receiver's trust. The court may, from time to time, on its own motion, or
on complaint of any interested party, make all necessary and proper orders as to the
proceedings and actions of the receiver.
(1949 Rev., S. 5764; P.A. 94-122, S. 101, 340; P.A. 02-73, S. 16; P.A. 03-153, S. 2; P.A. 04-136, S. 18; P.A. 05-288,
S. 200.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-39 transferred to Sec. 36a-226 in
1995; P.A. 02-73 added provisions making section applicable to Connecticut credit unions; P.A. 03-153 substituted "in
accordance with section 36a-223" for provisions re sale, disposition and conveyance of assets and compromising of claims,
effective June 26, 2003; P.A. 04-136 deleted "in accordance with section 36a-223" and required receiver to deposit money
collected on behalf of bank or credit union in a bank, Connecticut credit union, federal credit union, out-of-state bank that
maintains a branch in this state or out-of-state credit union that maintains a branch in this state, effective May 12, 2004;
P.A. 05-288 made technical changes, effective July 13, 2005.
Annotation to former section 36-39:
Court may authorize receiver to borrow from Reconstruction Finance Corporation to pay dividend to savings depositors.
115 C. 530. See note to Sec. 33-383.