Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS
Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY
§369. Judicial review
1.Action by financial institution.
A financial institution closed by action of the superintendent pursuant to this chapter may bring an action challenging
the superintendent's appointment of a receiver in the Superior Court of Kennebec County within 10 days after the superintendent
appoints a receiver.
The court must uphold the superintendent's finding that a financial institution is insolvent or that its condition is such
as to render its further proceedings hazardous to the public or to those having funds in its custody and must uphold the appointment
of a receiver unless the court finds that the superintendent's action was arbitrary and capricious.
2009, c. 228, §7 (NEW)
2.Action by person adversely affected.
Except when the Federal Deposit Insurance Corporation is appointed receiver and conducts a receivership under federal law,
a person affected adversely by an act or omission of the superintendent or receiver under this section and sections 365, 367-A
and 368 may bring an action in the Superior Court of Kennebec County seeking an order to annul, alter or modify the act or
to enjoin the performance of the act or to require that action be taken under any provision of this section.
A. Any proceedings under this section may be advanced on the docket and receive priority over other cases when the court determines that the interests of justice
so require. The person bringing the action has the burden of proof to show that the act or omission is unlawful or arbitrary and capricious.
[2011, c. 559, Pt. A, §8 (AMD).]
B. The person must bring the action under this subsection within 10 business days after receiving notice of the act or omission
in person, by registered mail or by publication of a certificate signed by the superintendent or receiver in a newspaper of
general circulation in the county where the financial institution has its principal office. [2009, c. 228, §7 (NEW).]
C. Notwithstanding paragraph B, action may not be brought more than 30 days after the order of the superintendent determining
that the business affairs of the receivership are substantially complete and that the receivership is terminated. Upon termination
of the receivership, the superintendent is under no obligation to reopen the receivership. [2009, c. 228, §7 (NEW).]
D. The court may issue injunctions to prevent multiplicity of proceedings seeking to annul, alter or modify the actions of the
superintendent or receiver made under the provisions of this chapter or to prevent undue interference with the regulation
and liquidation of the financial institution. [2009, c. 228, §7 (NEW).]
E. The court, upon application by the superintendent or receiver, has jurisdiction to enforce orders relating to the receivership
and the financial institution in receivership. [2009, c. 228, §7 (NEW).]
F. Notwithstanding Title 5, section 8003, the Maine Administrative Procedure Act does not apply to the procedures described in
this subsection. [2009, c. 228, §7 (NEW).]
2011, c. 559, Pt. A, §8 (AMD)
1991, c. 34, §8 (NEW).
2009, c. 228, §7 (RPR).
2011, c. 559, Pt. A, §8 (AMD).
Data for this page extracted on 10/16/2012 08:19:53.
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