House Journal: Page 1365: Monday, April 23, 2001
4 to execute, acknowledge, and deliver deeds,
5 assignments, releases, and other instruments necessary
6 to effectuate a sale of property or other transaction
7 in connection with the liquidation.
8 (10) Borrow money on the security of the
9 establishment's assets or without security and execute
10 and deliver documents necessary to that transaction
11 for the purpose of facilitating the liquidation.
12 Money borrowed pursuant to this subparagraph shall be
13 repaid as an administrative expense and shall have
14 priority over any other class 1 claims under the
15 priority of distribution established in subsection 18.
16 (11) Enter into contracts as necessary to carry
17 out the order to liquidate and affirm or disavow
18 contracts to which the establishment is a party.
19 (12) Continue to prosecute and to institute in the
20 name of the establishment or in the liquidator's own
21 name any and all suits and other legal proceedings, in
22 this state or elsewhere, and to abandon the
23 prosecution of claims the liquidator deems
24 unprofitable to pursue further.
25 (13) Prosecute an action on behalf of the
26 creditors, purchasers, or owners against an officer of
27 the establishment or any other person.
28 (14) Remove records and property of the
29 establishment to the offices of the commissioner or to
30 other places as may be convenient for the purposes of
31 efficient and orderly execution of the liquidation.
32 (15) Deposit in one or more banks in this state
33 sums as are required for meeting current
34 administration expenses and distributions.
35 (16) Unless the court orders otherwise, invest
36 funds not currently needed.
37 (17) File necessary documents for recording in the
38 office of the recorder of deeds or record office in
39 this state or elsewhere where property of the
40 establishment is located.
41 (18) Assert defenses available to the
42 establishment against third persons including statutes
43 of limitations, statutes of fraud, and the defense of
44 usury. A waiver of a defense by the establishment
45 after a petition in liquidation has been filed shall
46 not bind the liquidator.
47 (19) Exercise and enforce the rights, remedies,
48 and powers of a creditor, purchaser, or owner,
49 including the power to avoid transfer or lien that may
50 be given by the general law and that is not included
Page 45
1 within subsections 7 through 9.
2 (20) Intervene in a proceeding wherever instituted
© 2001 Cornell College and
League of Women Voters of Iowa
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