Section 21.78.230. Borrowing on pledge of assets.

Latest version.

For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer under this chapter, the director may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes or other evidences of indebtedness and secure the repayment of the same by the mortgage, pledge, assignment, transfer in trust, or hypothecation of any or all of the property, whether real, personal, or mixed, of the insurer, and the director, subject to the approval of the court shall have power to take any and all other action necessary and proper to consummate the loan and to provide for its repayment.  The director, shall be under no obligation personally or in an official capacity to repay a loan made under this section.

Notes

History

(Sec. 1 ch 120 SLA 1966)

                    
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