658.84 Transfers by banks and other acts in contemplation of insolvency.
234 words·~1 min read·
/fl/title-xxxviii/chapter-658/658-84·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Any and all transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any bank or trust company or of deposits to its credit; all assignments of mortgages, securities, or real estate or of any judgments or decrees in its favor; all deposits of money, bullion, or other valuable thing for its use or for the use of any of its stockholders or creditors; and all payments of money to either, made after the commission of an act of insolvency or in contemplation thereof made with a view to the preference of one creditor to another shall be void.
(2)Unsecured claims for payment against any financial institution shall have the following priority for any distribution made after July 3, 1992:
(a)Expenses of the liquidation or the receivership estate;
(b)State claims;
(c)Approved claims for a “deposit,” as that term is defined in 12 U.S.C. s. 1813(l);
(d)Approved claims for other general creditors;
(e)Approved claims for obligations subordinate to deposits and other general liabilities; and
(f)Shareholders’ claims in proportion to the stock held by them respectively or their interest therein as appearing.
(3)Except in any action brought by the office, no attachment, injunction, or execution shall be enforced against such financial institution or any of its property before final judgment in any suit, action, or proceeding in any state or federal court.