6-483 - Procedure for liquidation; rights of share transferor
6-483. Procedure for liquidation; rights of share transferor
A. The liquidation under this article of an association, and a receivership thereof, may, at the discretion of the receiver or receivers, be conducted and carried out in full or in part in the same manner as provided in this title for the liquidation of or receivership for an insolvent bank.
B. Regardless of whether the federal deposit insurance corporation serves as receiver or co-receiver of any insured association, when it pays or makes available for payment the liabilities of the insured association in receivership which are insured by it, it shall, upon the surrender and transfer to it of any account or investment certificate insured by it, be subrogated with respect to the account or investment certificate. The surrender and transfer of the account or investment certificate, however, shall not affect any right which the transferor thereof may have in any portion of the account or investment certificate which is uninsured, or any right to participate in the distribution of the net proceeds remaining from the disposition of the assets of the insured association, but if different provisions from the foregoing provisions of this and the preceding sentence would be applicable if the association were a federal savings and loan association, then the provisions shall be applicable under the laws of this state to the extent that they can validly be made so applicable. In any event the rights of the holders of accounts or investment certificates of the insured association shall be determined in accordance with the applicable provisions of the laws of this state.
C. The procedure provided for in this article for the liquidation of savings and loan associations shall be exclusive, and no receiver shall be appointed by any court of this state to take charge of the affairs of an association except as provided in this article.