LD 949
pg. 9
Page 8 of 14 An Act To Enhance the Supervisory Powers of the Department of Professional and ... Page 10 of 14
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LR 444
Item 1

 
Sec. 4. 9-B MRSA §365, sub-§1-A, as amended by PL 1997, c. 398, Pt. H,
§4, is further amended to read:

 
1-A. Appointment of receiver. If, upon examination of a
financial institution, the superintendent is of the opinion that
it is insolvent or that its condition renders its further
proceedings hazardous to the public or to those having funds
including trust assets in its custody, the superintendent may
order the institution closed and appoint a receiver who shall
proceed to close liquidate the financial institution.

 
Sec. 5. 9-B MRSA §365, sub-§11 is enacted to read:

 
11.__Immunity from civil liability.__A person serving as a
receiver is immune from any civil liability, in the same manner
as and to the same extent as employees of governmental entities
are under the Maine Tort Claims Act, for acts performed within
the scope of the receiver's duties.

 
Sec. 6. 9-B MRSA §367-A is enacted to read:

 
§367-A.__Additional authority in conservation and liquidation

 
1.__Attachments and preferences.__The superintendent or a
conservator or receiver may bring an action:

 
A.__To dissolve all attachments on the property of a
financial institution made within 4 months before the
appointment made under section 363-A or 365;

 
B.__To void as a preference any transfer made after, or in
contemplation of, the appointment__under section 363-A or
365; and

 
C.__To discontinue all actions pending against the financial
institution.

 
2.__Injunctions.__Whenever proceedings are instituted under
this chapter, the Superior Court may issue an injunction
restraining all persons from proceeding against the financial
institution described in section 363-A or 365 until termination
of conservatorship or final liquidation, including trustee
processes.

 
3.__Other authority.__The superintendent, conservator or
receiver may disaffirm or repudiate any contract or lease to
which the financial institution is a party, fix the rights of the
claimants and adjudicate and fix the time and mode of payment of
all claims, accounts and deposits having priority.


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