Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 733-712 - Liens, judgments, and executions; assignments of claimsA. The status of all parties shall become fixed on the date the secretary takes possession of the business and property of the institution, as receiver. No corporation or person shall thereafter acquire any lien or charge against any of the assets of the institution of which the secretary is receiver, including mechanics' liens for charges, payments, advances, or clearances thereafter made or thereafter incurred, or liens by reason of the entry of any judgment against such institution after the secretary has taken possession.B. In the case of an institution, of which the secretary has taken possession, the claims of depositors shall be subrogated in favor of the Federal Deposit Insurance Corporation to the extent that the Federal Deposit Insurance Corporation makes available, pursuant to applicable laws of the United States, for payment, the claims of such depositors: Provided, That the rights of such depositors to participate in and receive dividends or other distributions upon that portion of their claims not made available for payment shall not be affected by such subrogation. When the claims of depositors have been made available for payment, in whole or in part, by the Federal Deposit Insurance Corporation, the secretary shall file a partial or final account, in the manner required by this act, of his administration of the business and property of the institution.C. Assignments of claims of depositors or other creditors of the institution, which are made before the secretary takes possession but notice of which is not received by the institution before such taking of possession, shall be regarded as, and shall have only the legal incidents of, assignments made after the secretary takes possession.D. No execution or attachment, pending or otherwise, shall respectively issue, or be proceeded with, against any property, moneys, or assets, owned by, or legally in the custody or possession of, an institution of which the secretary is in possession as receiver. A plaintiff may proceed as follows: He may give written notice of his claim to the secretary, or to the deputy receiver of such institution, and he shall thereafter present proof in the regular manner provided by this act for the proof of the claim, which he is attempting to attach. After the filing of the regular account of the secretary, the court shall adjudicate the matter as in the case of other disputed claims.1933, May 15, P.L. 565, art. VII, § 712. Amended 1935, July 2, P.L. 525, § 1; 2002, Dec. 9, P.L. 1604, No. 209, § 22, imd. effective.