Section 58-5-159 - Applicability of federal Bankruptcy Code.
58-5-159. Applicability of federal Bankruptcy Code. Notwithstanding the other provisions of chapter 58-29B, for the purposes of determining:
(1) If a qualified education loan insurer has, in any transaction involving the transfer of any education loans or other assets, sold such education loans or other assets or pledged such education loans or other assets to secure indebtedness of the qualified education loan insurer; and
(2) If a wholly owned subsidiary of a qualified education loan insurer shall be treated as a separate entity, distinct from the qualified education loan insurer, or the subsidiary's assets and liabilities shall be consolidated with the assets and liabilities of the qualified education loan insurer;
chapter 58-29B shall be construed as referring to available and analogous case law under the federal Bankruptcy Code for making determinations in any receivership, rehabilitation, or liquidation of the qualified education loan insurer.
Source: SL 1998, ch 287, § 6.