§ 28-1-3.1-10.1 — Payment of claims; order

Indiana § 28-1-3.1-10.1

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 3.1: Liquidation of Financial Institutions

Text

1. (a) All claims against the financial
institution that are proved to the satisfaction of the receiver or approved
by the receivership court shall be paid in the following order:
(1) Claims of persons referred to in IC 28-1-12-6 as having
preference and priority.
(2) Administration expenses of the liquidation, including the
following:
(A) Court costs.
(B) Compensation and actual expenses incurred by the
department or the receiver in order to facilitate the liquidation.
(C) Compensation of each regular officer or employee of the
receiver for the time actually devoted by the officer or
employee to the liquidation of the financial institution at an
amount not to exceed the compensation paid to the officer or
employee for the performance of the regular duties of the
officer or employee.
(D) Actual expenses of each regular officer or employee of the
receiver that are necessarily incurred in the performance of the
duties of the officer or employee in the liquidation.
(E) Compensation and expenses of any special representative,
assistant, accountant, agent, or attorney employed by the
receiver.
(F) The reasonable general overhead expenses that are incurred
by the department or the receiver in the liquidation of the
affairs of the financial institution.
(3) Claims given priority under other provisions of state or federal
law.
(4) Deposit obligations.
(5) Other general liabilities.
(6) Debt subordinated to the claims of general creditors.
(7) Equity capital securities.
(b) Interest may not be paid on any claim until the full principal
amount of every claim within the same class has been paid.
(c) If the Federal Deposit Insurance Corporation is the receiver,
compliance with this section is not required.

Legislative History

As added by P.L.262-1995, SEC.8. Amended by P.L.35-2010, SEC.105.