Section 733-701 - Status of secretary as receiverA. Except as otherwise provided in this act, the secretary, when he has taken possession of the business and property of an institution, shall be responsible to the court in which the certificate of possession is filed. His rights, powers, and duties shall be those of a general receiver appointed by any court of equity in this Commonwealth, except as such rights, powers, and duties are increased or limited by the provisions of this act. The secretary as receiver may act as a conservator of the institution. He shall be vested, in his official capacity, with all the rights, titles, privileges, powers, and duties of such institution and of any shareholder, member, account holder, depositor, officer or director of such institution with the title or the right to possession of all property to which the institution has title or the right to possession, including debts due, and liens and other security therefor and ownership of the books, records and assets of any previous legal custodian of such institution; and with the institution's rights of action or redemption. This shall be so whether such property and debts due, such liens or other security therefor, or such rights of action or redemption, are held in the name of such institution, or in the name of some other corporation or person. He shall have power to execute in his name, as receiver, any instrument incident to the exercise of any power granted to or any duty imposed upon him as receiver of such institution. The secretary shall be the representative of the creditors of the institution and shall be entitled, as such, to have vacated and set aside, for the benefit of the creditors, any judgment, execution, attachment, sequestration, payment, pledge, assignment, transfer, conveyance, or encumbrance, which could have been avoided by any of the creditors, or by which one creditor is given an unlawful preference over another.
B. The secretary may, as receiver: (i) exercise all powers and authorities, including all incidental powers as shall be necessary to carry out his enumerated duties; and (ii) take any action which the secretary determines is in the best interests of the institution, its depositors, owners, shareholders, creditors, trust accounts or the Commonwealth of Pennsylvania.1933, May 15, P.L. 565, art. VII, § 701. Amended 2002, Dec. 9, P.L. 1604, No. 209, § 19, imd. effective.