Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-38 - Powers and duties of liquidating agents

Current through all regulations passed and filed through July 1, 2024
(A) As soon as practicable after taking
			 possession, the liquidating agent shall inventory the assets of such credit
			 union as of the date of taking possession. The inventory shall show the value
			 of the assets carried on the books of the credit union, and the security
			 therefor, if any; contain a brief description of the assets and any security;
			 and a list of the credit union's creditor and accounts liabilities. A copy of
			 such inventory shall be furnished to the superintendent upon
			 completion.
(B) The liquidating
			 agent shall promptly publish a notice to the credit union's creditors to
			 present their claims, together with proof, to the liquidating agent by a date
			 specified in the notice. This date shall be not less than ninety days after the
			 publication of the notice. The liquidating agent shall republish such notice
			 approximately one and two months, respectively, after the initial publication.
			 At the time of initial publication, the liquidating agent shall mail a notice
			 similar to the published notice to any creditor shown on the credit union's
			 books at the last address appearing therein. If the liquidating agent discovers
			 the name of a creditor whose name does not appear on the credit union's books,
			 a notice similar to the published notice shall be mailed to such creditor
			 within thirty days after the discovery of the name and address.
(C) Any party 
								may submit
			 a claim against the liquidated credit union 
								by submitting a written proof of
			 claim in accordance with the requirements set forth in the notice to creditors.
			 
								Failure to submit a written claim within the time
			 provided in the notice to creditors 
								constitutes a waiver of said
			 claim and the claimant 
								forfeits rights or remedies with
			 respect to such claim. The liquidating agent may require submission of
			 supplemental evidence by the claimant and by interested parties in the event of
			 a dispute concerning a claim against any asset of the liquidated credit union.
			 The liquidating agent shall determine whether to allow or disallow a claim and
			 shall notify the claimant within one hundred eighty days from the date a claim
			 against a credit union is filed. Failure by the liquidating agent to determine
			 a claim and notify the claimant within the one hundred eighty day period shall
			 be deemed a denial of the claim.
(D)
								
								It is the liquidating agent's duty to
								
			 collect all obligations and money due such credit union and may, to the extent
			 consistent with its appointment, do all things desirable or expedient in its
			 discretion to wind up the affairs of the credit union including, but not
			 limited to, the following:
(1) Exercise all
			 rights and powers of the credit union including, but not limited to, any rights
			 and powers under any mortgage, deed of trust, chose in action, option,
			 collateral note, contract, judgment or decree, or instrument of any
			 nature;
(2) Institute, prosecute,
			 maintain, defend, intervene, and otherwise participate in any and all actions,
			 suits, or other legal proceedings by and against the liquidating agent or the
			 credit union or in which the liquidating agent, the credit union, or its
			 creditors or shareholders shall have an interest, and in every way to represent
			 the credit union, its shareholders and creditors;
(3) Employ on a salary or fee basis such
			 persons as in the judgment of the liquidating agent are necessary or desirable
			 to carry out its responsibilities and functions, including, but not limited to,
			 appraisers, certified public accountants and attorneys;
(4) Execute, acknowledge, and deliver any and
			 all deeds, contracts, leases, assignments, bills of sale, releases, extensions,
			 satisfactions, and other instruments necessary or proper for any purposes,
			 including, but not limited to, the effectuation, termination, or transfer of
			 real, personal or mixed property, or which shall be necessary or proper to
			 liquidate the credit union, and any deed or other instrument executed pursuant
			 to the authority hereby given shall be as valid and effective for all purposes
			 as if the same had been executed as the act and deed of the credit
			 union;
(5) Disaffirm or repudiate
			 any contract or lease to which the credit union is a party, the performance of
			 which the liquidating agent, in his sole discretion, determines to be
			 burdensome, and which disaffirmance or repudiation in the liquidating agent's
			 sole discretion will promote the orderly administration of the credit union's
			 affairs;
(6) Deposit, withdraw, or
			 transfer funds, and otherwise exercise complete control over all investment or
			 depository accounts maintained by or for the credit union at financial
			 depositories or similar institutions; and
(7) Exercise such other authority as is
			 conferred by the laws of this state.