§ 26-1401.20. Receiver duties and powers.

(1) Take possession of the books, records, and assets of the universal bank and collect all debts, dues, and claims belonging to the universal bank;

(2) Sue, defend, compromise, arbitrate, or otherwise settle all claims involving the universal bank;

(3) Sell all real and personal property;

(4) Exercise all fiduciary functions of the universal bank;

(5) Pay all administrative expenses of the receivership, which expenses shall be a first charge upon the assets of the universal bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;

(6) Pay, ratably, all debts of the universal bank; provided, that debts not exceeding $500 may be paid in full, but the holders of such debt shall not be entitled to interest on the debt;

(7) Repay, ratably, any amount paid in by a shareholder by reason of an assessment made upon the stock of the universal bank by the Department in accordance with this chapter;

(8) Pay, ratably, to the shareholders of the universal bank, in proportion to the number of shares held and owned by each, the balance of the net assets of the universal bank after payment or provision for payments as provided in this section;

(9) Have all the powers of the directors, officers, and shareholders of the universal bank as necessary to support an action taken on behalf of the universal bank; and

(10) Hold title to all the bank's property, contracts, and rights of action.