Source: https://app.leg.wa.gov/RCW/default.aspx?cite=32.24&full=true
Timestamp: 2019-12-16 06:15:35
Document Index: 440325039

Matched Legal Cases: ['§ 339', '§ 32', '§ 45', '§ 3374', '§ 340', '§ 29', '§ 32', '§ 4', '§ 46', '§ 3375', '§ 341', '§ 14', '§ 32', '§ 5', '§ 3375', '§ 58', '§ 342', '§ 32', '§ 6', '§ 3375', '§ 59', '§ 343', '§ 32', '§ 7', '§ 3375', '§ 60', '§ 344', '§ 32', '§ 8', '§ 3375', '§ 61', '§ 345', '§ 32', '§ 9', '§ 3375', '§ 62', '§ 63', '§ 196', '§ 346', '§ 15', '§ 32', '§ 10', '§ 3379', '§ 64', '§ 347', '§ 3', '§ 348', '§ 4']

Chapter 32.24 RCW: INSOLVENCY AND LIQUIDATION
RCWs > Title 32 > Chapter 32.24
Chapter 32.24 RCW
32.24.010 Liquidation of solvent bank.
32.24.020 Procedure to liquidate and dissolve.
32.24.030 Transfer of assets and liabilities to another bank.
32.24.040 Notice to correct unsafe conditions—Possession may be taken under specified circumstances.
32.24.050 Director may order levy of assessment—Liquidation of bank in unsound condition or insolvent.
32.24.060 Possession by director—Bank may contest.
32.24.070 Receiver prohibited except in emergency.
32.24.073 Voluntary closing—Possession of the director—Notice.
32.24.080 Transfer of assets when insolvent—Penalty.
32.24.090 Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.
32.24.100 Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.
RCW 32.24.010
Liquidation of solvent bank.
[ 1994 c 92 § 339; 1955 c 13 § 32.24.010. Prior: 1915 c 175 § 45; RRS § 3374.]
RCW 32.24.020
Procedure to liquidate and dissolve.
[ 1994 c 92 § 340; 1981 c 302 § 29; 1955 c 13 § 32.24.020. Prior: 1931 c 132 § 4; 1915 c 175 § 46; RRS § 3375.]
RCW 32.24.030
Transfer of assets and liabilities to another bank.
[ 1994 c 92 § 341; 1985 c 56 § 14; 1955 c 13 § 32.24.030. Prior: 1931 c 132 § 5; RRS § 3375a.]
RCW 32.24.040
Notice to correct unsafe conditions—Possession may be taken under specified circumstances.
(1) Under the circumstances set forth in subsection (2) of this section, the director may give to a savings bank notice of unsafe condition of the savings bank; and if the savings bank fails to comply with the terms of such notice within thirty days from the date of its issuance, or within such further time as the director may allow, then the director may take possession of such savings bank as in the case of insolvency.
(2) The director is authorized to give notice and take possession of a savings bank, as described in subsection (1) of this section, under the following circumstances:
(a) The obligations to its creditors, depositors, members, trust beneficiaries, if applicable, and others exceed its assets;
(b) It has willfully violated a supervisory directive, cease and desist order, or other authorized directive or order of the director;
(c) It has concealed its books, papers, records, or assets, or refused to submit its books, records, or affairs to any examiner of the department;
(d) It is likely to be unable to pay its immediate obligations or meet its depositors' immediate demands in the normal course of business;
(e) It ceases to have deposit insurance acceptable to the director;
(f) It fails to submit a capital restoration plan acceptable to the department within a time previously called for or materially fails to implement a capital restoration plan that was previously submitted and accepted by the department; or
(g) It is critically undercapitalized or otherwise has substantially insufficient capital.
[ 2010 c 88 § 58; 1994 c 92 § 342; 1955 c 13 § 32.24.040. Prior: 1931 c 132 § 6; RRS § 3375b.]
RCW 32.24.050
Director may order levy of assessment—Liquidation of bank in unsound condition or insolvent.
(1) Whenever it appears to the director that any offense or delinquency referred to in RCW 32.24.040 has resulted in a savings bank being critically undercapitalized with no reasonably foreseeable prospect of recovery, or that it has suspended payment of its obligations, or is insolvent, the director may notify such savings bank to levy an assessment on its stock, if any, or otherwise to make good such impairment or offense or other delinquency within such time and in such manner as the director may specify, or if the director deems necessary, the director may take possession thereof without notice.
(2) Upon taking possession of any savings bank, the director shall forthwith proceed to liquidate the business, affairs, and assets thereof and such liquidation shall be had in accordance with the provisions of law governing the liquidation of insolvent banks and savings banks.
[ 2010 c 88 § 59; 1994 c 92 § 343; 1955 c 13 § 32.24.050. Prior: 1931 c 132 § 7; RRS § 3375c.]
RCW 32.24.060
Possession by director—Bank may contest.
Within ten days after the director takes possession thereof, a mutual savings bank may serve notice upon such director to appear before the superior court in the county wherein such corporation is located, at a time to be fixed by the court, which shall not be less than five nor more than fifteen days from the date of the service of such notice, to show cause why the director's action taking possession of the savings bank should not be affirmed. Upon the return day of such notice, or such further day as the matter may be continued to, the court shall summarily hear the cause and shall dismiss the same, if it finds that possession was taken by the director in good faith and for cause, but if it finds that no cause existed for taking possession of the savings bank, it shall require the director to restore the savings bank to the possession of its assets and enjoin the director from further interference therewith without cause.
[ 2010 c 88 § 60; 1994 c 92 § 344; 1955 c 13 § 32.24.060. Prior: 1931 c 132 § 8; RRS § 3375d.]
RCW 32.24.070
Receiver prohibited except in emergency.
No receiver shall be appointed by any court for any savings bank, nor shall any assignment of any such bank for the benefit of creditors be valid, excepting only that a court otherwise having jurisdiction may in case of imminent necessity appoint a temporary receiver to take possession of and preserve the assets of the savings bank. Immediately upon any such appointment, the clerk of the court shall notify the director in writing of such appointment and the director shall immediately take possession of the savings bank, as in case of insolvency, and the temporary receiver shall upon demand of the director surrender up to him or her such possession and all assets which have come into his or her possession. The director shall in due course pay such receiver out of the assets of the savings bank such amount as the court shall allow.
[ 2010 c 88 § 61; 1994 c 92 § 345; 1955 c 13 § 32.24.070. Prior: 1931 c 132 § 9; RRS § 3375e.]
RCW 32.24.073
Voluntary closing—Possession of the director—Notice.
(1) Subject to the consent of the director, a savings bank may voluntarily stipulate and consent to an order taking possession and thereby place itself under the control of the director to be liquidated and be made subject to receivership as provided in this chapter.
(2) Upon issuance of such order taking possession, the savings bank shall post a notice on its door as follows: "This savings bank is in the possession of the Director of the Washington State Department of Financial Institutions."
(3) The posting of such notice or the taking possession of any savings bank by the director shall be sufficient to place all of its assets and property of every nature in the director's possession and bar all attachment proceedings.
[ 2010 c 88 § 62.]
RCW 32.24.080
Transfer of assets when insolvent—Penalty.
(1) Every transfer of its property or assets by any savings bank, made (a) after it has become insolvent, (b) within ninety days before the date the director takes possession of such savings bank under RCW 32.24.040, 32.24.050, or 32.24.073, or the federal deposit insurance corporation is appointed as receiver or liquidator of such savings bank under RCW 32.24.090, and (c) with the view to the preference of one creditor over another or to prevent equal distribution of its property and assets among its creditors, shall be void.
(2) Every trustee or board director, officer, or employee knowingly making any such transfer of assets is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2010 c 88 § 63; 2003 c 53 § 196; 1994 c 92 § 346; 1985 c 56 § 15; 1955 c 13 § 32.24.080. Prior: 1931 c 132 § 10; RRS § 3379a.]
RCW 32.24.090
Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.
(1) The federal deposit insurance corporation is hereby authorized and empowered to be and act without bond as receiver or liquidator of any savings bank the deposits in which are to any extent insured by that corporation and which the director shall have taken possession pursuant to RCW 32.24.040, 32.24.050, or 32.24.073.
(2) In the event of such closing, the director may appoint the federal deposit insurance corporation as receiver or liquidator of such savings bank.
(3) If the corporation accepts such appointment, it shall have and possess all the powers and privileges provided by the laws of this state with respect to a liquidator of a mutual savings bank, its depositors and other creditors, and be subject to all the duties of such liquidator, except insofar as such powers, privileges, or duties are in conflict with the provisions of the federal deposit insurance act, as now or hereafter amended.
[ 2010 c 88 § 64; 1994 c 92 § 347; 1973 1st ex.s. c 54 § 3.]
RCW 32.24.100
Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.
The pendency of any proceedings for judicial review of the director's actions in taking possession and control of a mutual savings bank and its assets for the purpose of liquidation shall not operate to defer, delay, impede, or prevent the payment or acquisition by the federal deposit insurance corporation of the deposit liabilities of the mutual savings bank which are insured by the corporation. During the pendency of any proceedings for judicial review, the director shall make available to the federal deposit insurance corporation such facilities in or of the mutual savings bank and such books, records, and other relevant data of the mutual savings bank as may be necessary or appropriate to enable the corporation to pay out or to acquire the insured deposit liabilities of the mutual savings bank. The federal deposit insurance corporation and its directors, officers, agents, and employees, the director, and his or her agents and employees shall be free from liability to the mutual savings bank, its directors, stockholders, and creditors for or on account of any action taken in connection herewith.
[ 1994 c 92 § 348; 1973 1st ex.s. c 54 § 4.]