The Florida Senate

657.265  Stay of proceedings; reopening of default judgments.--All proceedings in which an insolvent member credit union may be a party in any court in this state shall be stayed for 60 days from the date the insolvency is determined by order of the department, by the board of directors in a voluntary liquidation, or by a court, in order to permit any proper defenses by the corporation to all pending causes of action with respect to any covered claims arising against such credit union. In the event of a finding by any such court based on the default of the member credit union, the corporation, either on its own behalf or on behalf of such member credit union, may apply to the court to have any such judgment, order, decision, verdict, or finding set aside and shall be permitted to defend promptly against such claim on the merits.

History.--s. 17, ch. 74-183; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 13, ch. 78-123; ss. 4, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 11, 12, ch. 91-17; ss. 1, 3, ch. 91-307; s. 4, ch. 91-429.