RS 6:897 Deposits as security; foreign association ceasing to do business in louisiana - Louisiana Statutes

§897.  Deposits as security; foreign association ceasing to do business in Louisiana

A.  The deposit made with the state treasurer shall be held as security for all claims of residents of Louisiana against the association and subjected to the payment of claims in the same manner as the property of other nonresidents.  If any foreign association ceases to do business in Louisiana, the state treasurer may release the securities on a certificate from the commissioner, which certificate the commissioner shall issue in his discretion, a sufficient amount being retained to satisfy all outstanding liabilities.

B.  A foreign association may collect and use the interest on any securities deposited as required by this Part, as long as it fulfills its obligations and complies with the provisions of this Part.

Acts 1970, No. 234, §1.  Acts 1983, No. 675, §1.