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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 8 : Banking and Insurance

Chapter 209 : Conservation, Liquidation, and Insolvency

Subchapter 003 : Receivership and Dissolution

(Cite as: 8 V.S.A. § 19304)
  • § 19304. Commissioner as receiver

    The Commissioner shall be appointed as such receiver unless the Superior judge is satisfied that it would be inadvisable for the Commissioner to act in that capacity. The Commissioner and successors of the Commissioner as receiver shall serve without compensation other than his or her stated compensation as Commissioner, but the Commissioner shall be allowed clerical and other expense necessary in the conduct of the receivership. The court may appoint the Commissioner’s successor in office as receiver. However, if a change in the receivership, in the judgment of the Superior judge, would be against the financial interest of those concerned, the court may continue the receiver in office at such reasonable compensation as the court may determine. If the deposits of the insolvent financial institution are insured by the Federal Deposit Insurance Corporation, the Superior judge, in his or her discretion, may appoint as receiver of the financial institution the Federal Deposit Insurance Corporation to serve without bonds and without compensation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)