§ 19408 - Petition denied; receiver to wind up affairs - Vermont Statutes

§ 19408. Petition denied; receiver to wind up affairs

If the petition is denied, the commissioner shall apply for a receiver to wind up the affairs of the financial institution, as provided in sections 19301 through 19315 of this title. In that case the deposits, if any, received after petition filed and the assets resulting therefrom shall be administered separately from the other assets and liabilities, and those assets shall be distributed to the depositors by the receiver as soon as possible after his or her appointment and without deduction on account of the expense of the receivership except as provided in section 19407 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)