TITLE 26

BANKS AND BANKING

CHAPTER 21

IDAHO CREDIT UNION ACT

26-2141A.  receiver — duties — powers. (1) A receiver appointed pursuant to section 26-2141, Idaho Code, shall do all of the following:

(a)  Take possession of the books, records, and assets of the credit union and collect all debts, dues, and claims belonging to the credit union;

(b)  Sue and defend, compromise, and settle all claims involving the credit union;

(c)  Sell all real and personal property of the credit union;

(d)  Exercise all fiduciary functions of the credit union as of the date of the commencement of the receivership;

(e)  Pay all administrative expenses of the receivership. The administrative expenses are a first charge on the assets of the credit union and the receiver shall pay those expenses before any final distribution or payment of dividends to creditors or members;

(f)  Except as provided in this subsection, pay ratably the debts of the credit union. The receiver may not pay any debt that does not exceed one thousand dollars ($1,000) in full, but the holder of that debt is not entitled to payment of interest on the debt;

(g)  After paying or providing for payment of all the administrative expenses and debts under subsections (e) and (f) of this section, pay ratably to the members of the credit union the balance of the net assets of the credit union in proportion to the number of shares held and owned by each;

(h)  Have all the powers of the directors, officers, and members of the credit union necessary to support an action taken on behalf of the credit union; and

(i)  Hold title to the credit union’s property, contracts, and rights of action, beginning on the date the credit union is ordered into receivership.

(2)  A receiver appointed pursuant to section 26-2141, Idaho Code, may do all of the following:

(a)  Borrow money as necessary or expedient to aid in the liquidation of the credit union and secure the borrowing by the pledge of a lien, security interest, or mortgage on the assets of the credit union;

(b)  Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel the receiver considers necessary to assist in the performance of the receiver’s duties. With the prior approval of the district court, the receiver may employ personnel of the department of finance if the receiver considers the employment to be advantageous or desirable. The expense of employing personnel of the department of finance is an administrative expense of the liquidation that is payable to the department of finance;

(c)  If approved by the district court, dispose of records of a credit union that are obsolete and unnecessary to administer the receivership or retain records, as necessary, through the termination of the receivership or for any period following the receivership as the receiver may find necessary or appropriate. In such case, a receiver may preserve assets of a liquidated credit union and deposit them in an account to be used to maintain the records of a liquidated credit union after the closing of the receivership; and

(d)  Exercise other powers and duties ordered by the district court under the laws of this state applicable to the appointment of a receiver.

History:

[26-2141A, added 2020, ch. 214, sec. 11, p. 634.]