Revised Laws of Saint Lucia (2021)

144.   Effects of receivership

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    (1)   Upon and after appointment of a receiver —

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      (a)     any term, statutory, contractual or otherwise, on the expiration of which a claim or right of the licensed financial institution or licensed financial holding company would expire or be extinguished shall be extended by 6 months;

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      (b)     the calculation of interests and penalties against the licensed financial institution's or licensed financial holding company's obligations shall be suspended and no other charge or liability shall accrue on the obligations of the licensed financial institution or licensed financial holding company;

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      ©     all legal proceedings against the licensed financial institution or licensed financial holding company are stayed and a third party shall not exercise any right against the licensed financial institution's or licensed financial holding company's assets without the prior leave of the court unless the court directs otherwise;

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      (d)     no depositor or other creditor may sell or take possession of any assets of the licensed financial institution or licensed financial holding company as a means of enforcing a claim or initiate or continue any legal proceeding to recover the debt or perfect security interests in the licensed financial institution's or licensed financial holding company's assets;

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      ©     no attachment or lien, except a lien created by the receiver in the application of the provisions of this Part, shall attach to any of the property or assets of the licensed financial institution or licensed financial holding company;

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      (f)     no execution shall be returned against the assets of a licensed financial institution or licensed financial holding company for which a receiver has been appointed, except an execution effected pursuant to a judgment rendered prior to the date of the appointment of the receiver for an amount not exceeding $1,000.