Florida Statutes
Fla. Stat. § 631.241 (2025)
Borrowing on pledge of assets.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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631.241 Borrowing on pledge of assets.—For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the department 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 department, 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 department shall be under no obligation in its official capacity to repay any loan made pursuant to this section.
History.—s. 740, ch. 59-205; ss. 13, 35, ch. 69-106; s. 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
Notes of Decisions
Cited in 1
case, 1971–1971 · leading case: O'MALLEY v. Florida Ins. Guar. Ass'n, 257 So. 2d 9 (Fla. 1971).
O'MALLEY v. Florida Ins. Guar. Ass'n, 257 So. 2d 9 (Fla. 1971). “Section 631.241 F.S. 1969, F.S.A., prior to the enactment of Ch.”
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