Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 733-714 - Power of secretary to borrow from or sell or pledge to government agenciesA. The secretary may, without leave of court, borrow money from any agency or instrumentality of the United States government, except national banks, or of the Commonwealth of Pennsylvania, and pledge or hypothecate, as security therefor, any real or personal property of the institution, for the purpose of expediting the liquidation of the assets of the institution of which he is receiver, and the distribution of the proceeds thereof to the depositors, the other creditors, or the shareholders thereof.B. The secretary may, without leave of court, sell or pledge assets of a closed institution to any public body of the United States, or agency or instrumentality of the United States government, except national banks, or of the Commonwealth of Pennsylvania.1933, May 15, P.L. 565, art. VII, § 714. Amended 1978, Oct. 5, P.L. 1133, No. 266, § 6, imd. effective.