2025 Session
Last amended: 1975 session
§ 54.297 — Application for Receiver
Plain-Language Summary
If the commissioner believes a face amount certificate company is in danger of needing to be shut down, the commissioner can ask the district court to appoint a receiver or conservator to manage the company.
54.297 APPLICATION FOR RECEIVER.
When in the judgment of the commissioner grounds for liquidation as set forth in section 49.04, exist or are about to occur, the commissioner may make application to the district court in which a company defined in section 54.26, is situated for the appointment of a receiver or conservator.
History:
History: History:
1975 c 166 s 6
Practical Notes
This gives the commissioner the power to step in and protect investors if a company is failing or about to fail. A court order is required before a receiver can be appointed.