reglab/housing_qa huggingface dataset:
8 V.S.A. § 19108
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19108. Appeal; receiver

§ 19108. Appeal; receiver|The propriety and necessity of the orders issued by the Commissioner under sections 19103 through 19107 of this title shall be open to review upon action brought in the usual form by an aggrieved party within 14 days to the Superior Court of Washington County. No injunction may be issued without prior notice to the Commissioner, and the court, on motion of the Commissioner, may appoint a temporary receiver of a financial institution involved in those proceedings. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2017, No. 11, § 7.)
8 V.S.A. § 19109
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19109. New commercial or savings deposits authorized; withdrawals

§ 19109. New commercial or savings deposits authorized; withdrawals|The Commissioner, by order, may authorize Vermont financial institutions thereafter to receive new commercial deposits or new savings deposits, and the new deposits shall be special deposits and designated as new commercial deposits or new savings deposits, as the case may be, and shall be segregated from all other deposits. New commercial deposits shall also be segregated from new savings deposits. They may be invested only in assets approved by the Commissioner as being sufficiently liquid to be available when needed to meet any demands on account of those new deposits, which assets shall not be merged with other assets of the institution, but shall be held in trust for the security and payment of those new deposits, except that income from those assets, to the extent authorized by the Commissioner, may be used by the financial institution for other proper purposes of the institution. The withdrawal of those new deposits shall not be subject in any respect to restriction or limitation under this section and sections 19102 through 19108 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19110
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19110. Costs and expenses

§ 19110. Costs and expenses|Costs and expenses incurred by the Commissioner in the exercise of powers given under sections 19101 through 19109 of this title may be assessed by the Commissioner against the Vermont financial institutions concerned and, when so assessed, shall be paid by those financial institutions. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19201. Appointment and bonding of conservators

§ 19201. Appointment and bonding of conservators|Whenever the Commissioner deems it necessary in order to conserve the assets of a Vermont financial institution for the benefit of the depositors and other creditors thereof, the Commissioner may appoint a conservator for the financial institution and require of the conservator such bond and security as the Commissioner deems proper. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19202
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19202. Conservation of assets

§ 19202. Conservation of assets|Under the direction of the Commissioner, the conservator shall take possession of the books, records, and assets of every description of the Vermont financial institution and take such action as may be necessary to conserve the assets thereof pending further disposition of its business as provided by law. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19203
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19203. Powers of conservator

§ 19203. Powers of conservator|The conservator shall have all the rights, powers, and privileges possessed by receivers consistent with this subchapter and shall be subject to the obligations and penalties to which receivers are subject. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19204
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19204. Rights of interested parties

§ 19204. Rights of interested parties|During the time the conservator remains in possession of the Vermont financial institution, the rights of all parties with respect thereto, subject to the provisions of law, shall be the same as if a receiver had been appointed therefor. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19205
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19205. Fiduciary powers; appointment of new trustee for trust accounts

§ 19205. Fiduciary powers; appointment of new trustee for trust accounts|The conservator shall have the right to exercise all the fiduciary powers which the Vermont financial institution had been exercising. However, if all of the beneficiaries, named in any trust that the financial institution for which the conservator is appointed was trustee, desire another trustee appointed to administer and manage the trust, the Probate Division may appoint a new trustee for the trust. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19206
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19206. Expenses; salary

§ 19206. Expenses; salary|All expenses of any such conservatorship shall be paid out of the assets of the financial institution and shall be a lien thereon which shall be prior to any other lien provided by law. The conservator shall receive as salary an amount to be fixed by the Governor. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19207
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19207. Withdrawals

§ 19207. Withdrawals|While the financial institution is in the hands of the conservator appointed by the Commissioner, the Commissioner may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors, on a rateable basis, such amounts as in the opinion of the Commissioner may safely be used for this purpose. The conservator may borrow money on the assets of the financial institution to provide funds therefor. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19208
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19208. Deposits

§ 19208. Deposits|(a) In the Commissioner's discretion, the Commissioner may permit the conservator to receive deposits, but deposits received while the financial institution is in the hands of the conservator shall not be subject to any limitation as to payment or withdrawal, and those deposits shall be segregated and shall not be used to liquidate any indebtedness of the financial institution existing at the time that a conservator was appointed to it, or any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of the financial institution existing at the time the conservator was appointed.(b) Deposits so received while the financial institution is in the hands of the conservator shall be kept on hand in cash, invested in the direct obligations of the United States, or deposited in financial institutions approved by the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19209
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19209. Termination of conservatorship

§ 19209. Termination of conservatorship|If the Commissioner becomes satisfied that it may safely be done and that it would be in the public interest, in the Commissioner's discretion, the Commissioner may terminate the conservatorship and permit the financial institution to resume the transaction of its business subject to such terms, conditions, restrictions and limitations as the Commissioner may prescribe. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19210
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19210. Notice to depositors of termination of conservatorship

§ 19210. Notice to depositors of termination of conservatorship|In case the Commissioner, in the exercise of the Commissioner's discretion, is satisfied that it would be in the public interest to terminate the conservatorship either with or without reorganization, before the conservator shall turn back the affairs of the Vermont financial institution to its governing body, the Commissioner shall cause to be published in a newspaper in the city, town, or county in which the financial institution is located, a notice in form approved by the Commissioner stating the date on which the affairs of the financial institution will be returned to its governing body. On the date of the publication of that notice, the conservator shall immediately send to every person who is a depositor in the financial institution a copy of that notice by mail, addressed to the last known address of that person as shown by the records of the financial institution, and the conservator shall send similar notice in like manner to every person making a deposit in that financial institution under section 19208 of this title after the date of that newspaper publication and before the time when the affairs of the financial institution are returned to its governing body. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19301
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19301. Application for receiver; petition to divide losses

§ 19301. Application for receiver; petition to divide losses|If the Commissioner ascertains in any manner that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver, unless, in case of a mutual or cooperative financial institution, the Commissioner deems it advisable to join with the governing body in a petition to divide the losses among the depositors as hereinafter provided. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19302
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19302. Appointment of receiver; notice and hearing

§ 19302. Appointment of receiver; notice and hearing|The Court shall thereupon issue a notice to the treasurer and executive officer of such Vermont financial institution to appear at a time and place therein named and show cause why a receiver should not be appointed. If sufficient cause is not shown, the Court shall appoint a receiver to take charge of the property and effects of the financial institution, who shall be subject to the Superior Court. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19303
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19303. Bonding of receiver

§ 19303. Bonding of receiver|The receiver shall give bonds to the State with sufficient surety, in a sum fixed by the Court, for the faithful discharge of his or her duties and for the due accounting of the monies received by the receiver. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19304
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19304. Commissioner as receiver

§ 19304. Commissioner as receiver|The Commissioner shall be appointed as such receiver unless the Superior judge is satisfied that it would be inadvisable for the Commissioner to act in that capacity. The Commissioner and successors of the Commissioner as receiver shall serve without compensation other than his or her stated compensation as Commissioner, but the Commissioner shall be allowed clerical and other expense necessary in the conduct of the receivership. The Court may appoint the Commissioner's successor in office as receiver. However, if a change in the receivership, in the judgment of the Superior judge, would be against the financial interest of those concerned, the Court may continue the receiver in office at such reasonable compensation as the Court may determine. If the deposits of the insolvent financial institution are insured by the Federal Deposit Insurance Corporation, the Superior judge, in his or her discretion, may appoint as receiver of the financial institution the Federal Deposit Insurance Corporation to serve without bonds and without compensation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19305
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19305. Duties and rights of receiver

§ 19305. Duties and rights of receiver|The receiver shall collect, sue, and receive the debts and demands due and the property that belong to the Vermont financial institution and shall convert into cash its real and personal estate and, upon the approval of the Superior judge, may borrow money and pledge any part or all of the assets of such financial institution as security for such loan and shall make report to the Court of the condition of the trust at such times as the Superior judge orders. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19306
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19306. Federal deposit insurance corporation

§ 19306. Federal deposit insurance corporation|If the Federal Deposit Insurance Corporation shall have been appointed receiver of a closed Vermont financial institution, it may advance, with the consent and approval of the Superior judge, monies to pay insured deposits or for other proper purposes and shall have a lien upon all or any part of the assets of such financial institution as the Court may direct for the repayment of such advances, which shall be deemed to be in the nature of a loan, but provision shall be made in such order to secure ultimately as large a percentage payment on account of uninsured deposits as would be finally available for such deposits if such assets were not so pledged. The Federal Deposit Insurance Corporation, whether or not acting as receiver, may become the purchaser of any assets of such Vermont financial institution which have been offered for public bids, under such terms and conditions as the Superior judge may direct, provided that the purchase be approved by the Superior judge after hearing held on such reasonable notice by publication or otherwise as the Superior judge may direct. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19307
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19307. Subrogation

§ 19307. Subrogation|Whenever any Vermont financial institution shall have been closed, and the Federal Deposit Insurance Corporation shall pay the insured deposit liabilities of such closed institution, such corporation, whether or not it shall have become a receiver of such closed financial institution, shall be subrogated to the extent of such payment to all rights of the owners of such deposits against such closed financial institution. The Superior judge shall by order define the manner and extent of such subrogation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19308
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19308. Order

§ 19308. Order|When on hearing and after such reasonable notice as the Superior judge may direct, any order as to a lien upon assets of a closed Vermont financial institution or of subrogation to the rights of depositors therein shall have been made by such Superior judge under the authority of sections 19304 through 19307 of this title, and no objections thereto shall have been filed within ten days after the making of the order, the same order shall be binding and effective to the extent necessary to secure the repayment of moneys which shall have been advanced thereon. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19309
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19309. Limitation on time for proving claims

§ 19309. Limitation on time for proving claims|(a) By order, the Superior judge shall limit the time for creditors of the Vermont financial institution to present and prove their claims before the receiver.(b) Within 60 days from the date of such order, the receiver shall cause notice thereof to be given by publication for three weeks successively in a newspaper printed and circulated in the county where such Vermont financial institution is located. The time allowed for creditors to present and prove their claims shall not be less than six months and may be extended as circumstances require. Claims not presented within the time limit shall not share in the assets of the Vermont financial institution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19310
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19310. Submission of disallowed claims to Superior judge

§ 19310. Submission of disallowed claims to Superior judge|Claims presented to the receiver, upon his or her request or upon that of a person interested in the financial institution, or upon request of a creditor within 20 days after notice of the disallowance of his or her claim in whole or in part, shall be submitted to the Superior judge for the purpose of proving the same at such time and in such manner as the Superior judge orders. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19311
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19311. Order to discontinue unauthorized practices

§ 19311. Order to discontinue unauthorized practices|Whenever it appears to the Commissioner from the examination made by him or her, or from any report made to him or her, that a Vermont financial institution has committed a violation of its charter or of law, or is conducting its business and affairs in an unsafe or unauthorized manner, or that it or any of its officers have failed to comply with all the rules, restrictions, and conditions provided by law, including the rules and requirements of the Commissioner made in conformity to law, the Commissioner shall, by a written order delivered to the treasurer of such organization and the offending officer or officers, direct such organization and such officer or officers to discontinue such illegal, unsafe, or unauthorized practices or conduct, and to proceed in strict conformity with the requirements of law. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19312
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19312. Failure to comply with Commissioner's order

§ 19312. Failure to comply with Commissioner's order|If such financial institution or any of its officers refuses or neglects to comply with such order, the Commissioner may apply to the Superior Court of Washington County for such an injunction or order against such financial institution and its officers as the circumstances require. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19313
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19313. Authority of Court to enforce Commissioner's order

§ 19313. Authority of Court to enforce Commissioner's order|The Court shall thereupon issue a notice to the treasurer and president of such financial institution and to any officer who is alleged in such petition to have failed to proceed in conformity with the requirements of law, to appear at a time and place named therein and show cause why an injunction or proper remedial order should not be issued. If sufficient cause is not shown, the Court shall have power:  (1) To allow such financial institution to continue to transact business in conformity with the requirements of law subject to such orders, conditions or restrictions as the evidence in the case and the interests involved shall require; or (2) If it appears that it is unsafe or inexpedient for such financial institution to continue to transact business, to appoint a receiver or receivers to take charge of the property and effects of the financial institution; and such receivership shall be subject to the provisions of this subchapter applicable in case of a receiver appointed on petition of the Commissioner on ascertainment of a financial institution's insolvency. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19314
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19314. Accounting and report of receiver

§ 19314. Accounting and report of receiver|Annually, on or before January 31, and at such other time as may be required by the Commissioner, so long as the receivership is continued, the receiver of a financial institution shall make and transmit to the Commissioner a full statement of the affairs of such institution showing the nature and amount of the assets and liabilities, also a true account of the expenses incurred and not previously reported, giving the items thereof. Such report shall be printed with and as a part of the annual report of the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19315
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19315. Appeal

§ 19315. Appeal|A person dissatisfied with an order or decree of the Superior judge in any proceeding arising under this chapter may appeal therefrom as in other cases. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19401
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19401. Plan for reopening or establishment of new financial institution

§ 19401. Plan for reopening or establishment of new financial institution|If any Vermont financial institution has been closed by action of the Commissioner or its governing body and a receiver, either temporary or permanent, appointed or petitioned for, the depositors thereof, representing not less than 75 percent of the deposit liability, and with the approval and consent of the Commissioner, may join in a plan for the reopening or reorganization of the financial institution or the establishing of a new financial institution, and may select a committee of not more than 12 depositors to represent them for the purpose of carrying the plan into effect. However, a depositor who has been notified and does not refuse to give his or her consent within 15 days of that notification shall be included in reckoning that 75 percent. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)