TITLE 19
Financial institutions
CHAPTER 19-12
Receivership
SECTION 19-12-8
§ 19-12-8 Priority of claims
Federally insured financial institutions or credit unions.
In a receivership, or a conservatorship under chapter 11 of this title, of a
financial institution or credit union whose deposits are insured by the federal
deposit insurance corporation, the national credit union administration or any
other agency or instrumentality of the United States, the allowed expenses and
claims against the financial institution or credit union shall have priority in
receiving distributions, out of the assets of the financial institution or
credit union in the following order:
(1) The payment of costs and expenses of the administration
of the receivership estate.
(2) The payment of claims for "deposits", as that term is
defined in 12 U.S.C. § 1813(I), including, but not limited to, the claims
of depositors in a mutual savings bank for return of their deposits.
(3) Unsecured claims of any local, state, or federal taxing
authority entitled by law to priority in distribution from the receivership or
conservatorship estate, to the extent of such priority.
(4) Claims of salaried employees of the financial institution
or credit union for wages or salaries earned but unpaid as of the commencement
of the receivership or conservatorship.
(5) Claims for all other general liabilities not specified
herein.
(6) Claims otherwise proper that were not filed within the
prescribed time.
(7) Claims for obligations expressly subordinated to deposits
and general liability claims.
Any funds remaining shall be paid to the stockholders of the
financial institution or credit union, or, in the case of a mutual financial
institution in which there are no stockholders, to the depositors in proportion
to the respective amounts of their stock or deposits.
Interest shall be given the same priority as the claim on
which it is based, but no interest shall be paid on any claim until the
principal of all claims within the same class has been paid or adequately
provided for in full.
History of Section.
(P.L. 1995, ch. 82, § 50.)