(1) In liquidating a
state bank, the commissioner may exercise any power thereof, but the
commissioner shall not, without the approval of the court in which notice of
possession has been filed:
(a) Sell any asset of the bank having a value in excess of five hundred
dollars;
(b) Compromise or release any claim if the amount of the claim exceeds five
hundred dollars, exclusive of interest;
(c) Make any payment on any claim, other than a claim upon an obligation
incurred by the commissioner, before preparing and filing a schedule of the
commissioner's determinations in accordance with this code.
(2) Within six months after the commencement of liquidation, the
commissioner may elect to terminate any executory contract for services or
advertising to which the state bank is a party or any obligation of the bank as a
lessee. A lessor who receives at least sixty days' notice of the commissioner's
election to terminate the lease shall have no claim for rent, other than rent accrued
to the date of termination, nor for damages for such termination.
(3) As soon after the commencement of liquidation as is practicable, the
commissioner shall take the necessary steps to terminate all fiduciary positions
held by the state bank and take such action as may be necessary to surrender all
property held by the bank as a fiduciary and to settle its fiduciary accounts.
(4) The right of any agency of the United States insuring deposits to be
subrogated to the rights of depositors upon payment of their claims shall not be
less extensive than the law of the United States requires as a condition of the
authority to issue such insurance or make such payments to depositors of national
banks.
(5) As soon after the commencement of liquidation as is practicable, the
commissioner shall send notice of the liquidation to each known depositor, creditor,
and lessee of a safe deposit box and bailor of property held by the bank at the
address shown on the books of the institution. The notice shall also be published in
a newspaper of general circulation in the county in which the institution is located
once a week for three successive weeks. The commissioner shall send with each
notice a statement of the amount shown on the books of the institution to be the
claim of the depositor or creditor. The notice shall demand that property held by the
bank as bailee, or in a safe deposit box, be withdrawn by the person entitled thereto
and the claim of a depositor or creditor, if the amount claimed differs from that
stated in the notice to be due, be filed with the commissioner before a specified
date, not earlier than sixty days thereafter, in accordance with the procedure
prescribed in the notice.
(6) Safe deposit boxes, the contents of which have not been removed before
the date specified, shall be opened by the commissioner. Sealed packages
containing the contents of such box, with a certificate of inventory of contents,
together with any unclaimed property held by the bank as bailee and certified
inventories thereof, shall be held by the commissioner for six years unless sooner
claimed by the person entitled thereto. After six years the commissioner may sell or
otherwise appropriately dispose of the property. The proceeds of a sale shall be
transferred and disposed of in accordance with the provisions of subsection (11) of
this section.
(7) Within six months after the last day specified in the notice for the filing of
claims, or within such longer period as may be allowed by the court in which notice
of possession has been filed, the commissioner shall:
(a) Reject any claim if the commissioner doubts the validity of the claim;
(b) Determine the amount, if any, owing to each known creditor or depositor
and the priority class of such claim under this code;
(c) Prepare a schedule of the commissioner's determinations for filing in the
court in which notice of possession was filed;
(d) Notify each person whose claim has not been allowed in full and publish
once a week for three successive weeks, in a newspaper of general circulation in
the county in which the institution is located, a notice of the time when and the
place where the schedule of determinations will be available for inspection and the
date, not sooner than thirty days thereafter, when the commissioner will file the
schedule in court.
(8) Within twenty days after the filing of the commissioner's schedule, any
creditor, depositor, or stockholder may file an objection to any determination made
that adversely affects such objector. Any objections so filed shall be heard and
determined by the court upon such notice to the commissioner and interested
claimants as the court may prescribe. If the objection is sustained, the court shall
direct an appropriate modification of the schedule. After filing the schedule, the
commissioner may, from time to time, make partial distribution to the holders of
claims that are undisputed or have been allowed by the court if a proper reserve is
established for the payment of disputed claims. As soon as is practicable after the
determination of all objections, the commissioner shall make final distribution.
(9) (a) On liquidation of a state bank, after payment of federal deposit
insurance, claims for payment have the following priority:
(I) Obligations incurred by the commissioner, fees and assessments due to
the division, and expenses of liquidation, all of which may be covered by a proper
reserve of funds;
(II) Claims of depositors having an approved claim against the general
liquidating account of the bank;
(III) Claims of general creditors having an approved claim against the general
liquidating account of the bank;
(IV) Claims otherwise proper that were not filed within the time prescribed
by this code;
(V) Approved claims of subordinate creditors; and
(VI) Claims of stockholders of the bank.
(b) On liquidation of a state bank, after payment of federal deposit
insurance, claims by governmental units for payment of uninsured deposits
collateralized pursuant to the Public Deposit Protection Act of 1975, article 10.5
of this title, shall be governed by the provisions of said article. Claims by
governmental units for payment of uninsured deposits not collateralized pursuant
to article 10.5 of this title shall have the same priority assigned to depositors under
subparagraph (II) of paragraph (a) of this subsection (9).
(10) Any assets remaining after all claims have been paid shall be distributed
to the stockholders in accordance with their respective interests.
(11) Unclaimed money remaining after completion of the liquidation shall be
retained for six years by the commissioner unless sooner claimed by the owner. At
the expiration of such period, the remaining sum shall be transferred to the
treasury of the county in which the bank is located. The county treasurer and the
county treasurer's successors shall hold such money in trust for a period of six
years, unless the same is sooner paid out to the beneficial owner or owners thereof
or a suit is instituted to recover such money or a portion of the money. Any money
remaining in said fund six years after the same is paid into the treasury of the
county, for the recovery of which no action is pending, shall be transferred to the
general fund of the county, and all rights of the former beneficial owners therein to
recover the same shall be forever barred.
(12) When the assets have been distributed in accordance with this code, the
commissioner shall file an account with the court. Upon approval thereof, the
commissioner shall be relieved of liability in connection with the liquidation, and
shall cancel the charter.