Maine Revised Statutes Title 9-B Sec. 362 – Payments restrained to preserve assets or protect depositors
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1. Application to court. Whenever it may become necessary to preserve the assets or protect depositors in a financial institution, the Superior Court may, on application by the superintendent, the governing body of such institution or 3/4 of its depositors, members or investors or more if required by the institution’s organizational documents, after due notice, issue an order restraining the institution from paying out its funds or any portion of its funds or from declaring or paying any dividends or deposits for such time as the court considers advisable.
[PL 1997, c. 398, Pt. H, §2 (AMD).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 362
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- deposits: includes credit union share accounts. See Maine Revised Statutes Title 9-B Sec. 131
- Financial institution: means a universal bank or limited purpose bank organized under the provisions of this Title, and a trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State. See Maine Revised Statutes Title 9-B Sec. 131
- Governing body: means the body that oversees the affairs of a financial institution. See Maine Revised Statutes Title 9-B Sec. 131
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Authority of court. The court may at any time revoke or modify the original order and authorize the institution to pay dividends upon its deposits, or pay any portion of its deposits to such as may desire to withdraw the same or make any other or further order that may be necessary to protect the depositors or members of such institution.
[PL 1975, c. 500, §1 (NEW).]
3. Rights of parties. Nothing in this section shall be construed to take away the rights of the parties in interest to proceed under sections 365 or 366, subsection 1.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §H2 (AMD).