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Searching 2021-2022 Session

The Vermont Statutes Online


Title 8 : Banking and Insurance


Subchapter 003 : Receivership and Dissolution

(Cite as: 8 V.S.A. § 19301)
  • § 19301. Application for receiver; petition to divide losses

    If the Commissioner ascertains in any manner that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver, unless, in case of a mutual or cooperative financial institution, the Commissioner deems it advisable to join with the governing body in a petition to divide the losses among the depositors as hereinafter provided. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)