reglab/housing_qa huggingface dataset:
MS Code § 81-27-8.104 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.104. Notice to trust institutions, corporations and others holding assets; liens not to accrue

 Upon taking possession of the assets and business of any state trust company, the commissioner, or duly appointed agent, shall forthwith give notice, by mail or otherwise, of such action to all trust institutions or other persons or corporations holding, or having in possession, any assets of such state trust company. No trust company or other person or corporation shall have a lien or charge for any payment, advance or clearance made, or liability incurred against any of the assets of the state trust company after possession has been taken as provided under this section, except as hereinafter provided.
MS Code § 81-27-8.105 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.105. Permission to resume business

 After the commissioner has taken possession of any state trust company, such state trust company may resume business as provided by law.
MS Code § 81-27-8.106 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.106. Remedy for seizure; answer to notice, injunction; and appeal

 Whenever any state trust company, of whose assets and business the commissioner has taken possession as herein provided, except where possession is taken under Section 81-27-8.102, shall deem itself aggrieved thereby, and it may, at any time within ten (10) days after the filing of the notice with the chancery clerk, file an answer to the notice and may also upon notice to the commissioner, apply to the presiding chancellor of the district for an injunction to enjoin further proceedings by the commissioner. The chancellor may cite the commissioner to show cause within ten (10) days thereafter why further proceedings should not be enjoined, and after hearing the allegations and proof of the parties with respect to the condition of the state trust company, may dismiss such application for injunction or may enjoin further proceedings under this section by the commissioner. If the chancellor shall enjoin further action of the commissioner and permit the reopening of the state trust company, the chancellor shall have authority to require of such state trust company a surety bond as the chancellor deems necessary to insure its solvency, payable to the commissioner for the sole benefit of the general creditors of the state trust company, and upon such terms as the chancellor may deem proper. Either party shall have the right to appeal to the Supreme Court as in other actions.
MS Code § 81-27-8.107 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.107. Collection of debts and claims; commissioner succeeds to all property of the state trust company

 Upon taking possession of the assets and business of any state trust company by the commissioner, or a duly appointed agent, the commissioner or agent is authorized to collect all money due the state trust company, and to do such other acts as are necessary to conserve its assets and property, and shall proceed to liquidate the affairs thereof, as hereinafter provided. The commissioner, or a duly appointed agent, shall collect all debts due and claims belonging to the state trust company, by suit, if necessary; and, by motion in the pending action, and, upon authority of an order of the presiding chancellor of the district, may sell, compromise or compound any bad or doubtful debt or claim, and may upon such order, sell the real and personal property of the state trust company on such terms as the order may provide or direct, except that where the sale is made under power contained in any mortgage or lien bond or other paper wherein the title is retained for sale and the terms of sale set out, sale may be made under that authority.   Upon taking possession of any state trust company under this section, the commissioner and/or the duly appointed agent, shall have the possession and the right to the possession of all the property, assets, choses in action, rights and privileges of the state trust company, including the right to resign the trust or exercise the power in all papers executed to secure the payment of money in any form in which the state trust company shall have been named as trustee and/or pledgee, and such property right and privileges shall vest in the commissioner and/or duly appointed liquidating agent absolutely, for the purpose of liquidating, and sales and conveyance of the same, together with any and all other incidental rights, privileges, and powers necessary and convenient for the enjoyment of the right of conveyance and sale and for the exercise of the same. Upon the motion made, the state trust company or any person interested, may be heard, but the chancellor hearing the motion shall enter an order as in the chancellor's discretion will best serve the parties interested.   The officers and directors of any state trust company, or any state trust company that is in liquidation as provided by law, shall not hereafter exercise any powers herein declared to be vested in the commissioner, and/or the duly appointed liquidating agent.
MS Code § 81-27-8.108 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.108. Bond of the commissioner; surety; condition; minimum penalty

 Upon taking possession of any state trust company, the commissioner, or a duly appointed agent shall execute and file a bond payable to this state, with some surety company as surety thereon, with the chancery clerk of the county where the state trust company is located, conditioned upon the faithful performance of all duties imposed by reason of the liquidation of such state trust company by the commissioner, or duly appointed agent assisting in the liquidation of a state trust company, the penal sum of the bond to be fixed by order of the commissioner, which in no case shall be less than Fifty Thousand Dollars ($50,000.00). Any person interested, by motion in the pending action, shall be heard by the presiding chancellor of the district as to the sufficiency of the bond; the chancellor hearing the motion may thereupon fix the bond.
MS Code § 81-27-8.109 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.109. Inventory

 Within thirty (30) days after the filing of the notice of the taking possession of a state trust company in the office of the chancery clerk, the commissioner, or a duly appointed agent, shall file an inventory of the assets and liabilities of such state trust company. A copy of the inventory shall be filed with the chancery clerk in the pending action and a copy shall be kept on file in the state trust company. The inventory shall be open for inspection during the usual business hours, provided that nothing herein shall require the state trust company to remain open unnecessarily.
MS Code § 81-27-8.110 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.110. Notice and time for filing claims

 Notice shall be given by advertisement once a week for four (4) consecutive weeks in a newspaper published in the county where the state trust company is located, or if no newspaper is published in the county, then in some newspaper having a general circulation in the county, calling on all persons who may have claims against the state trust company to present the same to the commissioner at the office of the state trust company, and within the time to be specified in the notice which time shall not be less than ninety (90) days from the date of the first publication. A copy of this notice shall be mailed to all persons whose names appear as creditors upon the books of the state trust company. Affidavit by the commissioner, or agent mailing the notice, to the effect that the notice was mailed shall be conclusive evidence thereof.
MS Code § 81-27-8.111 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.111. Power to reject claims; notice; affidavit of service; action on claims

 If the commissioner, or a duly appointed agent, doubts the validity of any claim, the commissioner or agent may reject the same and serve notice of such rejection upon the claimant, either personally or by registered mail, and an affidavit of the service of such notice shall be filed in the office of the chancery clerk in the pending action, and shall be conclusive evidence of such notice. Any action or suit upon rejected claim must be brought by the claimant against the commissioner or agent, in the chancery court of the county in which the state trust company is located within ninety (90) days after such service, or the same shall be barred. Objections to any claim not rejected by the commissioner, or the duly appointed agent, may be made by any person interested by filing such objection in the pending action and by serving a copy thereof on the commissioner, or duly appointed agent, and the commissioner, or duly appointed agent, after investigation, shall either allow such objection and reject the claim, or disallow the objection. If the objection is not allowed and the claim not rejected, the commissioner, or the duly appointed agent, shall file a notice to this effect in the pending action; and within ten (10) days thereafter, the person filing objection by motion in the pending action, a copy of which notice shall be served upon the person whose claim or deposit is objected to, and present to the court the question of the validity of the claim; and the questions of law and issues of fact shall thereupon be determined as in other civil actions.
MS Code § 81-27-8.112 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.112. List of claims presented and deposits; copies; proviso

 Upon the expiration of the time fixed for presentation of claims, the commissioner, or the duly appointed agent, shall make a full and complete list of the claims presented, including and specifying any claims which have been rejected. One (1) copy shall be filed in the office of the chancery clerk in the pending action, and one (1) copy shall be kept on file with the inventory in the office of the state trust company for examination. Any claim which may be presented after the expiration of the time fixed for the presentation of claims in the notice hereinbefore provided shall, if allowed, share pro rata in the distribution only of those assets of the state trust company in the hands of the commissioner, and undistributed at the time the claim is presented. However, when it is made to appear to the presiding chancellor in the district, that the claim could not have been filed within that period, the chancellor may permit those creditors or depositors who subsequently file their claim to share as other creditors.
MS Code § 81-27-8.113 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.113. Declaration of dividends; order of preference in distribution

 At any time after the expiration of the date fixed by the commissioner, or the duly appointed agent, for the presentation of claims against the state trust company, and from time-to-time thereafter, the commissioner, out of the funds in the hands of the commissioner, after the payment of expenses and priorities, may declare and pay dividends to the shareholders or participants and other creditors of such state trust company in the order now or hereafter provided by law; and a dividend may be declared when and as often as the funds on hand subject to the payment of dividends shall be sufficient to pay ten percent (10%) of all claims entitled to share in such dividends. In paying dividends and calculating the same, all disputed claims shall be taken into account, but no dividend shall be paid upon such disputed claims until the same shall have been finally determined. The following shall be the order and preference in the distribution of the assets of any state trust company liquidated hereunder:    Taxes and fees due the commissioner for examination or other services;   Wages and salaries due officers and employees of the state trust company, for a period of not more than four (4) months;   Expenses of liquidation;   Amounts due creditors other than stockholders or participants.  The word "asset" used herein shall not be deemed to include bailments or other property to which the state trust company has no title. A statement of all dividends paid shall be filed in the office of the chancery clerk in the pending action, and such statements shall show the expenses deducted and the disputed claims in determining the dividend.
MS Code § 81-27-8.114 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.114. Deposit of funds collected

 All funds collected by the commissioner, in liquidating any state trust company, shall be deposited from time-to-time in a bank as may be selected by the commissioner, and shall be subject to the check of the commissioner.
MS Code § 81-27-8.115 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.115. Employment of counsel; accountants; and other experts; compensation

 The commissioner, for the purpose of liquidating state trust companies as herein provided, shall employ such liquidating agents, competent local attorneys, accountants and clerks as may be necessary to properly liquidate and distribute the assets of a state trust company, and shall fix the compensation for all such agents, attorneys, accountants and clerks, and shall pay the same out of the funds derived from the liquidation of the assets of the state trust company. However, all expenditure for the purpose herein provided shall be approved by the presiding chancellor in the pending action at such time as the same may be reported, and such charges shall be a proper charge and lien on the assets of the state trust company until paid.
MS Code § 81-27-8.116 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.116. Unclaimed dividends held in trust

 Any unclaimed dividends remaining in the hands of the commissioner for six (6) months after the order for final distributions shall be held in trust for the several creditors of the liquidated state trust company; and the money so held by the commissioner shall be paid over to the persons respectively entitled thereto as and when satisfactory evidence of their right to the same is furnished. In case of doubtful or conflicting claims the commissioner shall have authority to apply to the chancery court, by motion in the pending action, for an order from the chancellor of the district directing the payment of the moneys so claimed. When issues of fact are raised by motion, the same may, upon request of any claimant, be determined as in other civil actions. The interest earned on the unclaimed dividend so held shall be applied toward defraying the expenses incurred in the distribution of such unclaimed dividends. The balance of interest, if any, shall be deposited and held as other funds to the credit of the commissioner. After the commissioner has held the unclaimed dividends held in trust under the provisions of this statute for the creditors of the liquidated state trust company for a period of ten (10) years, the commissioner may pay the principal amount of such unclaimed dividends to the State Treasurer, to be held by the State Treasurer without liability for profit or interest until a just claim therefor shall be made by the parties entitled thereto. Upon payment of unclaimed dividends to the State Treasurer, the commissioner shall be fully discharged from all further liability therefor.
MS Code § 81-27-8.118 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.118. Annual report of the commissioner; items included

 The commissioner shall file, as a part of an annual report to the Governor, a list of the names of the state trust companies of which possession was taken and liquidated; and the commissioner shall, from time-to-time compile and make available for public inspection, reports showing the condition of each and all such state trust companies; and the annual report of the commissioner shall show the sum of unclaimed assets, with respect to each state trust company, and shall show all depositories of all sums coming into the hands of the commissioner under the provisions of this section.
MS Code § 81-27-8.119 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.119. Compensation of the commissioner

 The commissioner, for services rendered in connection with the liquidation of state trust companies hereunder, shall be entitled to actual expenses incurred in connection with the liquidation of each state trust company, including therein a reasonable sum for the time of the examiners and other agents of the commissioner, which expenses shall be a prior lien on the assets of such state trust company so liquidated until paid in full; and the commissioner shall have authority to prescribe reasonable rules and regulations for fixing such expenses.
MS Code § 81-27-8.120 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.120. Exclusive method of liquidation

 No state trust company created before July 1, 1998, shall be liquidated in any other way or manner than that provided in this chapter.
MS Code § 81-27-8.121 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.121. Disposition of books and records

 All books, papers and records of a state trust company which has been finally liquidated shall be deposited by the receiver in the office of the chancery clerk for the county in which the office of such state trust company is located, or in such other place as in the receiver's judgment will provide for the proper safekeeping and protection of such books, papers, and records. The books, papers, and records herein referred to shall be held subject to the orders of the commissioner and the chancery clerk of the county in which such state trust company was located.
MS Code § 81-27-8.122 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.122. Destruction of books and records

 After the expiration of five (5) years from the date of filing in the office of the chancery clerk of a final order approving the liquidation by the commissioner of any insolvent state trust company and the delivery to the clerk or into the clerk's custody of the records of such state trust company, the same may be destroyed by the chancery clerk.   After five (5) years from the filing by the commissioner of a final report of liquidation of any insolvent state trust company, the commissioner may destroy the records of any insolvent state trust company held in the office of the commissioner in connection with the liquidation of such state trust company. However, in connection with any unpaid dividends the commissioner shall preserve the records or other evidence of indebtedness of the trust company with reference to the unpaid dividend until the dividend shall have been paid.
MS Code § 81-27-8.123 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.123. Trust terminated on insolvency of state trust company

 Whenever any state trust company created under the laws of this state, which has heretofore been, or shall hereafter be, appointed trustee in any indenture, deed of trust or other instrument of like character, executed to secure the payment of any bonds, notes or other evidences of indebtedness, has been or shall be by reason of insolvency, or for any other cause provided by law, taken over for liquidation by the commissioner or by any other legally reconstituted authority, the powers and duties of such state trust company as trustee in any such instrument shall, upon the entry of an order of the chancery clerk of the court appointing a successor trustee, upon a petition as hereinafter provided, immediately cease and terminate.