Section 18420.5 Of Article 4. Possession, Conservatorship, And Liquidation By The Commissioner From California Financial Code >> Division 7. >> Chapter 5. >> Article 4.
18420.5
. The commissioner may appoint a person to act as
conservator or liquidator of the company. The person appointed may be
Thrift Guaranty Corporation of California. If the company's
outstanding thrift obligations are insured by an instrumentality of
the United States government, the commissioner may appoint that
instrumentality to act as conservator or liquidator of the company.
Subject to the other provisions of this division, a conservator or
liquidator, while in possession of the property and business of a
company, has the same powers and rights and is subject to the same
duties and obligations as the commissioner while in possession of the
property and business of a company. During such time, the rights of
the company and of all persons with respect thereto, subject to the
other provisions of this chapter, are the same as if the commissioner
had taken possession of such properties and business, except that
the commissioner may limit those powers and rights as he or she may
deem necessary.