WVC 33 - 10 - 24
§33-10-24. Borrowing on pledge of assets.
For the purpose of facilitating the rehabilitation,
liquidation, conservation or dissolution of an insurer pursuant
to this article, the commissioner may, subject to the approval of
the court, borrow money and execute, acknowledge and deliver
notes or other evidences of indebtedness therefor and secure the
repayment of the same by the mortgage, pledge, assignment,
transfer in trust, or hypothecation of any or all of the
property, whether real, personal or mixed, of such insurer, and
the commissioner, subject to the approval of the court, shall
have power to take any and all other action necessary and proper
to consummate any such loan and to provide for the repayment
thereof. The commissioner shall be under no obligation
personally or in his official capacity to repay any loan made
pursuant to this section.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
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