Montana Code 32-2-1023. Further duties of liquidating officer
32-2-1023. Further duties of liquidating officer. (1) The liquidating officer of a mutual association may decide when the assets of a failed mutual association are not sufficient to pay the debts, contracts, engagements, and liabilities and may determine the time when and the court where necessary legal proceedings are conducted, subject to the general provisions of law governing venue and place of trial.
Terms Used In Montana Code 32-2-1023
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of administration provided for in 2-15-1001. See Montana Code 32-2-603
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- Venue: The geographical location in which a case is tried.
(2)For the purposes of this section, the term “liquidating officer” includes any person legally empowered to liquidate the business and affairs of a state mutual association, whether the liquidation is by the department or by its deputies and agents. The term also includes all receivers of state mutual associations qualified to liquidate a state mutual association under state law.