30.44.030 - Director's right to take possession may be contested.

Director's right to take possession may be contested.

Within ten days after the director takes possession thereof, a bank or trust company may serve a notice upon the director to appear before the superior court of the county wherein such corporation is located and at a time to be fixed by the court, which shall not be less than five nor more than fifteen days from the date of the service of such notice, to show cause why the director's action taking possession of the bank or trust company should not be affirmed. Upon the return day of such notice, or such further day as the matter may be continued to, the court shall summarily hear said cause and shall dismiss the same, if it be found that possession was taken by the director in good faith and for cause, but if it find that no cause existed for the taking possession of such bank or trust company, it shall require the director to restore such bank or trust company to possession of its assets and enjoin the director from further interference therewith without cause.

[2010 c 88 § 32; 1994 c 92 § 109; 1955 c 33 § 30.44.030. Prior: 1917 c 80 § 68; RRS § 3275.]

Notes: Effective date -- 2010 c 88: See RCW 32.50.900.