§ 620 — Notice to creditors to make proof of claims; form of claims; claims for priority of payment

§ 620. Notice to creditors to make proof of claims; form of claims;\nclaims for priority of payment. 1. When the superintendent shall have\ntaken possession of any banking organization, and shall have determined\nto liquidate its affairs, he or she shall notify all persons who may\nhave claims against such banking organization to present such claims to\nhim or her and make proper proof thereof within four months from the\ndate of such notice and at a place specified therein; provided, that (a)\nif the superintendent finds that a shorter period than four months will\nafford a reasonable time for presenting claims and making proof thereof,\nhe or she may specify such shorter period which shall in no event be\nless than thirty days or (b) if the superintendent finds that a longer\nperiod than four months is needed to afford a reasonable time for\npresenting claims and making proof thereof, he or she may specify such\nlonger period which shall in no event be more than six months from the\ndate of such notice. In any event the superintendent shall specify in\nsuch notice the last date for presenting claims and for making proof\nthereof. The superintendent shall cause such notice to be mailed to all\npersons whose names appear as creditors upon the books of the banking\norganization. Such notice to persons appearing as depositors shall be\nmailed to the address appearing upon the deposit records or ledger of\nsuch banking organization. The superintendent shall also cause such\nnotice to be inserted biweekly in such newspaper or newspapers as he or\nshe may direct for three consecutive months, the first insertion thereof\nto be published more than ninety days before the last day fixed in such\nnotice for presenting proof of claims; provided, that where the notice\nrequires claims to be presented within less than four months, the\nsuperintendent shall cause such notice to be inserted weekly in such\nnewspaper or newspapers as he or she may direct for three consecutive\nweeks, the first insertion thereof to be published more than twenty-one\ndays before the last day fixed in such notice for presenting claims.\nSuch notice shall specify that all persons having claims for priority of\npayment shall make demand in writing for priority in the proof of their\nclaims. The superintendent shall have no power to accept any claim\npresented after the date specified in such notice as the last date for\npresenting claims.\n 2. A proof of claim shall consist of a written statement under oath\nsigned by the claimant or his attorney in fact, and shall be in such\nform as the superintendent shall require.\n 3. All persons who shall have failed to demand in writing priority of\npayment as specified in the notice to file claims shall be deemed to\nhave waived and abandoned any right to such priority of payment. No\nperson who shall have failed to demand in writing priority of payment as\nherein above provided, shall be entitled to maintain any action or\nproceeding for any priority of payment. In all actions or proceedings\nfor priority of payment, the claimant shall be required to allege and\nprove that the claim upon which the action is instituted was duly filed\nand contained therein demand in writing for priority of payment.\n