Section 26. (1) Records shall be kept of all negotiations and meetings in which the insolvency fund or its representatives are involved to discuss the activities of the insolvency fund in carrying out its powers and duties. Records of such negotiations or meetings shall be made public only upon the termination of a bankruptcy, liquidation, rehabilitation, or conservation proceeding involving the impaired or insolvent licensee, upon the termination of the impairment or insolvency of the licensee, or upon the order of a court of competent jurisdiction. Nothing in this section shall limit the duty of the insolvency fund to render a report of its activities under section twenty-seven.
(2) For the purposes of this chapter, the insolvency fund shall be deemed to be a creditor of the impaired or insolvent licensee to the extent of any amounts to which the association is entitled as subrogee. Assets of the impaired or insolvent licensee, wherever located, shall be used to pay all covered claims against the impaired or insolvent licensee as required.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.