38.2-1511 - Borrowing on pledge of assets. - Virginia Statutes

§ 38.2-1511. Borrowing on pledge of assets.

For the purpose of facilitating the delinquency proceeding of an insurer, theCommission, or a receiver other than the Commission with the approval of thecourt, may borrow money and execute, acknowledge, and deliver notes or otherevidences of indebtedness and secure the repayment by mortgage, pledge,assignment, transfer in trust, or hypothecation of any or all of theproperty, real, personal or mixed, of the insurer. The Commission, or areceiver other than the Commission with the approval of the court, shall havepower to take any action necessary and proper to consummate any loans and toprovide for repayment. No note or other evidence of indebtedness made orexecuted by the receiver shall impose upon the receiver any liability exceptwith respect to the assets and other property of the insurer.

(1952, c. 317, § 38.1-135; 1986, c. 562.)