AI-assisted research summary: A liquidator has power to take control of a bank’s assets, pursue and settle claims, sell property with court approval, borrow money for liquidation, pay liquidation expenses, and report regularly to the office.
658.83 Liquidator; powers and duties.—(1) When the Federal Deposit Insurance Corporation or other appropriate federal agency is appointed liquidator or makes a decision to liquidate a bank of which it has been appointed receiver, it may proceed independently with liquidation pursuant to its rules and regulations. (2) Any other liquidator appointed pursuant to s. 658.80 shall, subject to the supervision of the office, have the power to:(a) Take possession of the books, records, and assets of every description of the bank or trust company and sue for and collect all debts, dues, and claims belonging to the bank or trust company; (b) Sue for and defend, compromise, and settle all claims involving the bank or trust company; (c) Subject to approval by the circuit court, sell any or all of the real and personal property of the bank or trust company and sell or compound all bad or doubtful debts; (d) Pay all expenses incurred in the liquidation process, which expenses shall be a first charge against the assets of the bank or trust company and shall be fully paid before any final distribution or payment of dividends to creditors, shareholders, or stockholders; (e) Borrow such sum of money as may be necessary or expedient in aiding in the liquidation of the bank or trust company and, in connection therewith, to secure such borrowings by the pledge, hypothecation, or mortgage of the assets of the bank or trust company; and (f) If necessary to pay the debts of such bank or trust company, sue for and enforce the individual liability of the stockholders. (3) Such liquidator shall pay all moneys received to the Chief Financial Officer to be held as a special deposit for the use and benefit of the creditors subject to the order of the office and also shall make reports quarterly, or when called upon, to the office of all her or his acts and proceedings.