§ 395:19 — Payment of Secured Claims and Dividends

At any time after the expiration of the date fixed for the presentation of claims, upon application of the commissioner, the court may authorize:
I. Any person who holds a perfected security interest or a mortgage lien in assets of the insolvent or closed New Hampshire depository institution, which security interest or mortgage lien was granted to the person by such institution pursuant to a written contract or agreement as security for the payment of a debt or obligation deemed to be valid by the commissioner to:
(a) Dispose of or foreclose its mortgage lien on the collateral pursuant to applicable law;
(b) Satisfy such debt or obligation from the proceeds thereof;
(c) Pay the balance of the proceeds, if any, to the commissioner; and
(d) Provide a full account to the commissioner for all actions taken in connection with the disposition of or foreclosure of its mortgage lien on the collateral; and
II. The commissioner to declare out of the funds remaining in his hands, one or more dividends, such dividends to be paid to such persons, in such amounts, and upon such notice, as may be directed by the court. All dividends payable under this paragraph shall be paid in accordance with the priority established under RSA 395:30.

Legislative History

1911, 68:11. PL 268:19. RL 316:19. RSA 395:19. 1991, 251:4, eff. June 10, 1991.