18420
. The commissioner, as conservator or liquidator, after taking
possession of the company, shall, in his or her name, in the name of
the company, in the name of both, or otherwise, have authority to do
all of the following:
(a) Collect all obligations and money due the company.
(b) Exercise and possess all the rights, powers and privileges of
the company, its officers and directors.
(c) Institute, prosecute, maintain, defend, intervene, and
otherwise participate in any and all actions, suits, or other legal
proceedings by and against the conservator or liquidator or company,
or in which the conservator, the company or its creditors or debtors,
or any of them, have an interest, and in every way to represent the
company, its creditors, and debtors.
(d) Execute, acknowledge, and deliver any and all deeds,
contracts, leases, assignments, bills of sale, releases, extensions,
satisfactions, and other instruments necessary or proper for any
purposes.
(e) Be the custodian of all moneys collected by the commissioner
or coming into his or her possession in the course of any proceeding
under this chapter, but he or she may deposit those moneys, or any
part thereof, in a bank insured by the Federal Deposit Insurance
Corporation.
(f) Invest or reinvest such portions of funds and assets of the
company, in a manner as he or she may deem suitable for the best
interests of the creditors of the company.
(g) To revise, refinance, extend, or settle any loan or obligation
upon those terms and conditions as he or she may deem to be most
advantageous to the company.
(h) To sell, compound, compromise or assign for the purpose of
collection upon those terms and conditions he or she deems best, any
bad or doubtful debts due the company.
(i) To compound, compromise, or in any manner negotiate
settlements of claims against the company upon those terms and
conditions as he or she shall deem to be most advantageous to the
company.
(j) To sell, acquire, hypothecate, encumber, lease, improve,
abandon, or otherwise dispose of or deal with any real or personal
property which has come into ownership of the company by way of
repossession, foreclosure, execution, suit or by other such means on
a basis of reasonable market value, without notice, for cash, on
terms, or upon such other terms and conditions as he or she may deem
proper.
(k) To settle, compromise, or obtain the release of, for cash or
other consideration, claims and demands against the company or the
conservator.
(l) To sell for cash or on terms, exchange, or otherwise dispose
of, in whole or in part, any or all the assets and property of the
company, real, personal, and mixed, tangible and intangible, of any
nature.
(m) Execute, acknowledge, and deliver any and all deeds,
contracts, leases, assignments, bills of sale, releases, extensions,
satisfactions, and any other instruments necessary or proper for any
purposes, including, but not limited to, the effectuation,
termination, or modification of any sale, lease, or transfer of real,
personal, or mixed property, or that shall be necessary or proper to
liquidate or carry on the business of the company. Any deed or other
instrument executed pursuant to the authority hereby given shall be
as valid and effectual for all purposes as if it had been executed as
the act and deed of the company.
(n) Pay out and expend such sums as the commissioner deems
necessary or advisable including the following:
(1) To pay off or discharge any taxes, assessments, liens, claims,
or charges of any nature against the company, the conservator or
liquidator, any asset or property of any nature of the company, or
upon any asset or property on which the company or conservator or
liquidator has an interest of a value of any nature.
(2) For or in connection with the preservation, maintenance,
conservation, protection, remodeling, repair, rehabilitation, or
improvement of any asset or property of any nature of the company.
(3) To pay all costs and expenses of the conservatorship or
liquidation and all costs of carrying out or exercising the
commissioner's rights, powers, privileges, and duties as conservator.
(4) To pay valid creditor obligations, interest owed on debts,
debts incurred during conservatorship or liquidation and all other
debts of the company or conservatorship or liquidation of any nature.
(5) To pay all costs and expenses in the operation of the
conservatorship or liquidation of the company.
(o) Do such things, and have such rights, powers, privileges,
immunities and duties, whether or not otherwise granted in this
chapter, as shall be authorized, directed, conferred, or imposed from
time to time in specific cases by order of the court.