Ratchford v. Proprietors' Insurance

Former R.C. 3903.07 essentially grants the court of common pleas the right of first refusal of all contracts entered into by the statutory liquidator to sell or otherwise, dispose of the property of an insolvent insurance company. The statute unambiguously makes such contracts “subject to the approval of the court.” This “approval” is not in the *9nature of judicial review of the actions of an administrative officer, whereby great deference is granted to the liquidator’s decisions and reviewed solely on the standards of abuse of discretion and fraud. Rather, the court’s “approval” function is…