LAW
Writer®
Ohio Laws and Rules
Upon application to the court of common pleas in which the proceedings for the liquidation of the savings bank are pending or to a judge thereof, and in such manner and on such terms as the court or judge by order approves, the superintendent of savings banks, while in possession of the business and property of any savings bank under this chapter, may do any of the following:
(A) Sell, or compromise for cash or other considerations, any bad or doubtful assets and any debts owed to the savings bank, and may compromise and settle, for cash or other considerations, claims and demands against the savings bank, 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) Sell, lease, exchange, or otherwise dispose of any assets of the savings bank, whether real, personal, or mixed, and whether tangible or intangible, and accept therefor such considerations as the court or judge by order approves, and make distribution of the considerations, all as provided in section 1165.12 of the Revised Code;
(C)(1) 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 that he considers burdensome.
(2) Division (C)(1) of this section does not deprive any person of a right of action for damage resulting from any such rejection or disclaimer.
(D)(1) 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 the savings bank, 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 1165.17 of the Revised Code.
(2) The superintendent may obtain the 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 the savings bank or in its merger or consolidation with another savings bank, or selling, exchanging, or otherwise disposing of all or a substantial part of its assets.
(3) The superintendent, whether it is so specified in the order of the court or not, may take any action necessary or proper to consummate the loan, may provide for its repayment, and may give bond, when required, for the faithful performance of all undertakings in connection with the loan.
(4) Prior to obtaining an order of court authorizing the borrowing, the superintendent may make application or negotiate for the loan subject to obtaining the court order.
(5) The superintendent may renew or refinance loans made to him while he was in possession, or to the savings bank before he took possession, of its business and property, and may substitute collateral from time to time on all such loans.
(6) The superintendent shall be under no personal obligation to repay any loans authorized in this division.
Effective Date: 10-23-1991