AI-assisted research summary: This section gives a receiver powers over a bank or trust company, requires a condition report within 30 days, and lets the office choose next steps after that report.
658.82 Receiver; powers and duties.—(1) When the Federal Deposit Insurance Corporation or other appropriate federal agency is appointed receiver of the bank, it may proceed independently with the receivership pursuant to its rules and regulations. (2) Any other receiver appointed pursuant to s. 658.80 shall be subject to the supervision of the office and shall 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) Operate the business of the bank or trust company pursuant to the authority granted by its articles of incorporation and the laws of this state in an effort to manage and conserve the assets of the bank or trust company and place such bank or trust company in a sound, safe, and solvent condition; (c) Sue for and defend, compromise, and settle all claims involving the bank or trust company; (d) Subject to approval by the circuit court, sell any or all real and personal property of the bank or trust company and sell or compound all bad or doubtful debts; (e) Pay all expenses of the receivership, which expenses shall be a first charge against the assets of the bank or trust company; (f) Borrow such sum of money as may be necessary or expedient to protect and conserve the assets and business 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 (g) If necessary to pay the debts of such bank or trust company, sue for and enforce the individual liability of the stockholders. (3) Within 30 days of her or his appointment, the receiver shall file a statement of condition of the bank or trust company with the office, in addition to such other interim reports as the office may require. Upon receipt of the report of condition, the office may:(a) Upon a finding that the bank or trust company is in a safe, sound, and solvent condition, surrender possession of such bank or trust company bank to its directors for the purpose of permitting the bank or trust company to resume business on such terms and conditions as the office shall prescribe; (b) Appoint a liquidator to immediately liquidate the assets of the bank or trust company and wind up its affairs; (c) Grant a further period of time to the receiver to rehabilitate the affairs of the bank or trust company; or (d) Appoint a new receiver.