House Journal: Page 1366: Monday, April 23, 2001
3 that might lead to the appointment of a receiver or
4 trustee, and act as the receiver or trustee whenever
5 the appointment is offered.
6 (21) Exercise powers now held or later conferred
7 upon receivers by the laws of this state which are not
8 inconsistent with this chapter.
9 b. This subsection does not limit the liquidator
10 or exclude the liquidator from exercising a power not
11 listed in paragraph "a" that may be necessary or
12 appropriate to accomplish the purposes of this
13 chapter.
14 4. NOTICE TO CREDITORS AND OTHERS.
15 a. Unless the court otherwise directs, the
16 liquidator shall give notice of the liquidation order
17 as soon as possible by doing both of the following:
18 (1) Mailing notice, by first-class mail, to all
19 persons known or reasonably expected to have claims
20 against the establishment, including purchasers, at
21 their last known address as indicated by the records
22 of the establishment.
23 (2) Publication of notice in a newspaper of
24 general circulation in the county in which the
25 establishment has its principal place of business and
26 in other locations as the liquidator deems
27 appropriate.
28 b. Notice to potential claimants under paragraph
29 "a" shall require claimants to file with the
30 liquidator their claims together with proper proofs of
31 the claim under subsection 13 on or before a date the
32 liquidator shall specify in the notice. Claimants
33 shall keep the liquidator informed of their changes of
34 address, if any.
35 c. If notice is given pursuant to this subsection,
36 the distribution of assets of the establishment under
37 this chapter shall be conclusive with respect to
38 claimants, whether or not a claimant actually received
39 notice.
40 5. ACTIONS BY AND AGAINST LIQUIDATOR.
41 a. After issuance of an order appointing a
42 liquidator of an establishment, an action at law or
43 equity shall not be brought against the establishment
44 within this state or elsewhere, and existing actions
45 shall not be maintained or further presented after
46 issuance of the order. Whenever in the liquidator's
47 judgment, protection of the estate of the
48 establishment necessitates intervention in an action
49 against the establishment that is pending outside this
50 state, the liquidator may intervene in the action.
Page 46
1 The liquidator may defend, at the expense of the
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League of Women Voters of Iowa
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