KRS 286.3-862: Powers and duties of receiver.

(1) A receiver shall have the following powers:

(a) To take possession of all books, records and assets of the bank;

(b) To collect all debts, claims and judgments belonging to the bank, and to do

such other acts as are necessary to preserve and liquidate its assets;

(c) To execute in the name of the bank any instrument necessary or proper to

effectuate its powers or perform its duties as receiver;

(d) To initiate, pursue and defend litigation involving any right, claim, interest or

liability of the bank;

(e) To exercise any and all fiduciary functions of the bank as of the date of

appointment as receiver;

(f) Subject to the approval of the receivership court, to borrow money as

necessary in the liquidation of the bank, and to secure such borrowings by the

pledge or mortgage of bank assets; the repayment of money borrowed under

this subsection and interest thereon shall be considered an expense of

administration under KRS 286.3-872;

(g) Subject to the approval of the receivership court, to abandon or conve y title to

any holder of a mortgage, security deed, security interest or lien against

property in which the bank has an interest, whenever the receiver determines

that to continue to claim such interest is burdensome and of no advantage to

the bank, its depositors, creditors or shareholders;

(h) Subject to the approval of the receivership court, to sell any and all real and

personal property, to compromise any debt, claim or judgment due to the bank

and to discontinue any action or other proceeding pending therefor; and

(i) Subject to the approval of the receivership court, to avoid preferential

transfers as defined in KRS 286.3-864.

(2) A receiver shall have the following duties:

(a) To collect, preserve, and liquidate the bank's assets as expeditiously as is

compatible with the best interests of the bank and its depositors, creditors and

shareholders;

(b) To file with the receivership court:

1. A detailed statement of the assets and liabilities of the bank within thirty

(30) days of confirmation; and

2. A report of its actions in the administration of the liquidation

proceedings, together with such other information as the receivership

court may require, every ninety (90) days thereafter;

(c) To examine claims and reject any claim that is improper; and

(d) Unless the receivership court orders otherwise, furnish such information

concerning the bank and the administration of the liquidation proceedings as

is requested by a depositor, creditor or shareholder.