Section 733-710 - Notice to holders of assets; power of court to order transferA. Upon becoming receiver of any institution, the secretary shall forthwith give notice in writing of such fact to all corporations and persons having custody or possession of any assets or other property which the institution of which he is receiver owns or to which it has the right to possession or custody for any purpose whatsoever. Such notice shall be given at the addresses which appear for such corporations and persons upon the records of the institution or, if none appear there, then at their last known addresses. However, if it shall appear to be in the best interests of the institution, the court may order the secretary to substitute a single advertisement in a newspaper or newspapers for the individual notice to the corporations and persons.B. The court shall have the power, upon petition of the secretary, to order any corporation or person which has custody or possession of assets or other property to which such institution shall have the right of custody or possession, for any reason whatsoever, to transfer or convey such property to the secretary and to execute and deliver any instrument necessary to accomplish that purpose. The court shall grant to such corporation or person the right to appear, within ten days after notice is given, to show cause why the order should not be made. The court shall have the power, at the end of the ten-day period, to issue the aforementioned order, ex parte if the corporation or person does not appear to show cause, or upon the merits, if the corporation or person does appear.
1933, May 15, P.L. 565, art. VII, § 710. Amended 2002, Dec. 9, P.L. 1604, No. 209, § 21, imd. effective.