6-395.09. Notice to claimants on liquidation
170 words·~1 min read·
/az/title-6/6-395-09A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As soon after the commencement of liquidation as practicable the receiver shall cause notice of the liquidation to be published in a newspaper of general circulation in each county in which the bank has an office, once a week for eight successive weeks. The notice shall demand that all persons who have claims against the bank present them to the receiver and make legal proof thereof, in accordance with the procedure prescribed in the notice. The receiver shall mail a copy of the notice at the address shown on the records of the bank, to each person who appears from the records to be a creditor of the bank, with the advice of the nature and amount of the purported indebtedness, provided that the notice in respect to any indebtedness to which the federal deposit insurance corporation claims complete subrogation need be made only to the corporation.
The receiver's advice of a purported indebtedness shall not bind the receiver on the validity or the amount of any claim based thereon.