677.560 - Application by licensee to enjoin further proceedings. - Nevada Statutes

677.560  Application by licensee to enjoin further proceedings.  Whenever the Commissioner has taken possession of the property and business of any licensee, a licensee, within 10 days after a taking, if it deems itself aggrieved thereby, may apply to the district court in the county in which the main office of the licensee is located to enjoin further proceedings. The court, after citing the Commissioner to show cause why further proceedings should not be enjoined and after a hearing and a determination of the facts upon the merits may dismiss such application or enjoin the Commissioner from further proceedings and direct him or her to surrender the property and business to such licensee, or make such further order as may be just.

      (Added to NRS by 1975, 1837; A 1983, 1826; 1987, 2009)

      NRS 677.570  Authority of Commissioner to liquidate or conserve company.  When the Commissioner takes possession of the property and business of any company for the purpose of liquidation or conservation, he or she may liquidate or conserve the company. In such a liquidation or conservation the Commissioner has the same authority with reference to licensees as are vested in the Commissioner by title 55 of NRS with reference to banks and in addition may deposit money coming into his or her hands in the course of liquidation in one or more state or national banks or credit unions.

      (Added to NRS by 1975, 1837; A 1983, 1827; 1987, 2010; 1999, 1452)