2025 Session
Last amended: 1945 session
§ 49.32 — Discharge of Commissioner as Statutory Liquidator
Plain-Language Summary
This section releases the commerce commissioner from all further responsibility for a bank's liquidation once the court orders the transfer of control to a creditor committee under section 49.30. After the court order, the commissioner is fully discharged and has no further liability related to the liquidation.
49.32 DISCHARGE OF COMMISSIONER AS STATUTORY LIQUIDATOR.
Upon this order of the court, the commissioner shall be discharged as statutory liquidator of the financial institution and released from any further liability thereunder.
History:
(7683-2) 1933 c 310 s 3; 1945 c 128 s 11
History: History: (7683-2) 1933 c 310 s 3; 1945 c 128 s 11
Practical Notes
This discharge provision is important because it cleanly ends the commissioner’s role and liability when creditors take over. After discharge, creditors and the court can no longer hold the commissioner responsible for how the liquidation proceeds. The commissioner should obtain a certified copy of the court order for the agency’s records.