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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>69985</law_id><section_number>38.2-1511</section_number><catch_line>Borrowing on pledge of assets</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="15">Rehabilitation and Liquidation of Insurers</unit></structure><text>
						<section><p>For the purpose of facilitating the <span class="dictionary">delinquency proceeding</span> of an <span class="dictionary">insurer</span>, the <span class="dictionary">Commission</span>, or a <span class="dictionary">receiver</span> other than the <span class="dictionary">Commission</span> with the approval of the <span class="dictionary">court</span>, may borrow money and execute, acknowledge, and deliver notes or other <span class="dictionary">evidences</span> of indebtedness and secure the repayment by mortgage, pledge, assignment, transfer in trust, or hypothecation of any or all of the property, real, personal or mixed, of the <span class="dictionary">insurer</span>. The <span class="dictionary">Commission</span>, or a <span class="dictionary">receiver</span> other than the <span class="dictionary">Commission</span> with the approval of the <span class="dictionary">court</span>, shall have power to take any action necessary and proper to consummate any loans and to provide for repayment. No note or other <span class="dictionary">evidence</span> of indebtedness made or executed by the <span class="dictionary">receiver</span> shall impose upon the <span class="dictionary">receiver</span> any liability except with respect to the <span class="dictionary">assets</span> and other property of the <span class="dictionary">insurer</span>.</p></section></text><history>1952, c. 317, &#xA7; 38.1-135; 1986, c. 562.</history><metadata></metadata></law>
