§ 533.404 — Dissolution generally

Iowa § 533.404

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533: CREDIT UNIONS

Text

The following shall apply to dissolution of a state credit union under this chapter, whether
voluntary or involuntary:
1. Distribution of the assets of the state credit union shall be made in the following order:
a. The payment of costs and expense of the administrator of dissolution.
b. The payment of claims for public funds deposited pursuant to chapter 12C and the
paymentofclaimswhicharegivenprioritybyapplicablestatutes. Iftheassetsareinsufficient
forpaymentoftheclaimsinfull, priorityshallbedeterminedbythestatutesor, intheabsence
of conflicting provisions, on a pro rata basis.
c. The payment of deposits, including accrued interest, up to the date of the special
meeting of the members at which voluntary dissolution was authorized, or in the case of
involuntary dissolution, the date of appointment of a receiver.
d. The pro rata apportionment of the balance among the members of record on the date
of the special meeting of the members at which voluntary dissolution was authorized, or in

the case of involuntary dissolution, the members of record on the date of appointment of a
receiver.
2. All amounts due members who are unknown, or who are under a disability and
no person is legally competent to receive the amounts, or who cannot be found after the
exercise of reasonable diligence, shall be transmitted to the treasurer of state who shall
hold the amounts in the manner prescribed by chapter 556. All amounts due creditors as
described in section 490.1440 shall be transmitted to the treasurer of state in accordance
with that section, shall be retained by the treasurer of state, and are subject to claim as
provided for in that section.
3. The superintendent shall assume custody of the records of a state credit union
dissolved pursuant to this chapter and shall retain the records which, in the superintendent’s
discretion, are deemed necessary, in accordance with the provisions of section 533.322. The
superintendent may cause film, photographic, photostatic, or other copies of the records to
be made and the superintendent shall retain the copies in lieu of the original records.