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523E.19 Receiverships.

1. The commissioner shall notify the attorney general if the commissioner finds that any seller engaged in the business subject to this chapter meets one or more of the following conditions:

a. Is insolvent.

b. Has utilized trust funds for personal or business purposes in a manner inconsistent with this chapter and the amount of funds currently held in trust is less than fifty percent of all payments made under the agreements referred to in section 523E.1.

c. Has refused to pay any just claim or demand based on an agreement referred to in section 523E.1.

d. The commissioner finds upon investigation that a seller is unable to pay any just claim or demand based on such agreements which have been legally determined to be just and outstanding.

2. The attorney general may apply to the district court in any county of the state for a receivership. Upon proof of any of the grounds for a receivership described in this section, the court may grant a receivership.

Section History: Recent form

90 Acts, ch 1213, §29

Internal References

Referred to in § 523E.20


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