Section 27-6-8 Securities and assets - Authority to sell; exception. - Alabama Statutes

Section 27-6-8

Securities and assets - Authority to sell; exception.

The commissioner shall exercise the power granted by the power of attorney provided for in Section 27-6-7 or otherwise sell any security or asset under any assignment, transfer or conveyance pursuant to Section 27-6-6, only pursuant to, and in accordance with, an order of a court of competent jurisdiction in a proper proceeding or action to which the insurer owning such securities or assets is a party. This section shall not apply as to the special deposits of surety insurers which are subject to Section 27-6-13.

(Acts 1953, No. 727, p. 981, §2; Acts 1971, No. 407, p. 707, §104.)