§ 6-471 — Filing and payment of claims

Arizona § 6-471

• Jurisdiction: Arizona
• Title 6: Arizona Revised Statutes
• Ch. 3: SAVINGS AND LOAN ASSOCIATIONS
• Art. 7: Voluntary Liquidation

Text

A. The liquidators shall fix a time for all persons having claims against the association, other than as members thereof, to present such claims, and shall cause notice to be published, requiring all persons to present the claims on or before such date, and within five days after the first publication shall mail a copy of such notice to each person whose name appears on the association's records as having a claim. Each claim shall be in writing and verified by the claimant or a duly authorized agent. A claim may be presented at any time on or before the date fixed in the published notice, but any claim not so presented shall be barred. Upon the disallowance of any claim, the liquidators immediately shall notify the claimant of such fact, and the claimant may institute suit to establish such claim at any time before the final distribution.

B. Whether a member files or does not file a claim with respect to an interest which he has as such member, the liquidators shall determine from the records of the association the amount of such member's claim. Any such member may examine the association's records pertaining to his own claim. The records of the association shall be prima facie evidence of each such claim or interest, and no member shall be entitled to a greater claim or proportionate interest in the association unless and until the liquidators shall have agreed to a correction of the records pertaining to such claim or interest, or shall be ordered to correct such records by a court of competent jurisdiction. The liquidators shall require all members to present their certificates or account books for verification and endorsement upon payment of any liquidating dividend or distribution; and upon final distribution, such certificates or account books shall be surrendered to the liquidators.

C. Claims having a preference in law shall be given preference in payment; except that no payment of less than ten dollars need be made until final distribution. No distribution shall be made on claims for withdrawable capital until such preferred claims have been paid or provided for in full, or during the pendency of any suit unless sufficient funds are segregated to pay any judgment which may be rendered in such suit. Ratable payments and distributions on withdrawable capital may be made at any time after the time fixed for the presentment and allowance of claims has elapsed. Holders of guaranty capital, if any, shall participate in the liquidation of the remaining assets after payment or provision for payment has been made in full to all creditors, holders of withdrawable capital, and any claims which the holders may have in the balance of any segregated reserves. Final distribution shall be made in accordance with section 6-472.