§ 19-11-4 - Possession and management of property – Notice to debtors and persons in possession.
SECTION 19-11-4
§ 19-11-4 Possession and management ofproperty – Notice to debtors and persons in possession. – (a) Each conservator, immediately after appointment and qualification, shalltake and have possession and management of the property and business of thefinancial institution or credit union and thereafter shall take any action inthe name and behalf of the financial institution or credit union necessary ordesirable to carry on its business and to conserve its assets pendingreorganization or the disposition of the assets as provided by law, all underthe direction and control of the director or the director's designee.
(b) Immediately after taking possession of the property andbusiness of the financial institution or credit union, the conservator shallgive notice in writing of having taken possession to all persons holding orhaving possession of any assets of the financial institution or credit unionand to all persons indebted to the financial institution or credit union. Nofinancial institution, federally chartered institution, credit union, federalcredit union, association, firm, or individual, having been notified of theappointment of the conservator or otherwise having knowledge of his or herappointment, shall have or acquire any lien or charge upon or against any ofthe property of the financial institution or credit union for any payment,advance, or clearance or any obligation thereafter made or incurred.