1157.10 Powers of superintendent in liquidation.

The superintendent of building and loan associations, while in possession of the business and property of any domestic building and loan association under sections 1157.01 to 1157.29, inclusive, of the Revised Code, may, upon application to the court of common pleas in which the proceedings for the liquidation of such association are pending or to a judge thereof, and in such manner and on such terms as such court or judge by order approves, do any of the following:

(A) He may sell, or compromise for cash or other considerations, any bad or doubtful assets and any debts owed to such association, and may compromise and settle, for cash or other considerations, claims and demands against such association, whether acquired by it before or after he takes possession of its business and property, or stock, bonds, or other instruments for the payment of money.

(B) He may sell, lease, exchange, or otherwise dispose of any assets of such association, whether real, personal, or mixed, and whether tangible or intangible, and accept therefor such considerations as such court or judge by order approves, and may make distribution of such considerations, all as provided in section 1157.12 of the Revised Code.

(C) He may surrender or abandon any assets, including choses in action, whether they are the subject of pending litigation or not, and may reject or disclaim any lease or contract which he considers burdensome; but this provision does not deprive any person of a right of action for damage resulting from any such rejection or disclaimer.

(D) He may borrow money, issue evidences of indebtedness for such money, and secure its repayment by mortgage, pledge, transfer in trust, or hypothecation of any of the property of such association, whether real, personal, or mixed, which mortgage pledge, transfer in trust, or hypothecation shall be superior to any charge on such property for expenses of liquidation under section 1157.17 of the Revised Code. He may obtain such loans for the purpose of facilitating liquidation, protecting and preserving the assets in his charge, expediting distribution to shareholders, depositors, and creditors, providing for the expenses of administration and liquidation, aiding in the reopening or reorganization of such association or in its merger or consolidation with another building and loan association, or selling, exchanging, or otherwise disposing of all or a substantial part of its assets. He may, whether it is so specified in the order of the court or not, take any action necessary or proper to consummate any such loan, may provide for its repayment, and may give bond, when required, for the faithful performance of all undertakings in connection with such loan. Prior to obtaining an order of court authorizing such borrowing, the superintendent may make application or negotiate for such loan subject to the obtaining of such court order. Thase superintendent may renew or refinance loans made to him while he was in possession, or to the association before he took possession, of its business and property, and may substitute collateral from time to time on all such loans. The superintendent shall be under no personal obligation to repay any loans authorized in this division.

Effective Date: 10-01-1953