487.13304 “Existing claim” and “existing claimant” defined; notice to depositors and creditors; existing claims; effective date of written notice.

403 words·~2 min read·/mi/chapter-487/487-13304

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Sec. 3304.

(1)As used in this section:

(a)"Existing claim" means a claim or right against the bank in dissolution, liquidated, or unliquidated. It does not include a contingent liability or a claim based on an event occurring after the commencement of dissolution.

(b)"Existing claimant" means a person holding an existing claim.

(2)The board of directors of a bank in dissolution shall notify the bank's depositors and creditors in writing of the dissolution within 30 days after submitting the certificate of termination under section 3301(4). The written notice shall include all of the following:

(a)A mailing address where an existing claim can be sent.

(b)A statement that the bank in dissolution may demand sufficient information to permit it to make a reasonable judgment whether the existing claim should be accepted or rejected.

(c)The deadline, not less than 3 months from the effective date of the written notice, by which the existing claim shall be received.

(d)A statement that the existing claim will be barred if not received by the deadline.

(3)The notice under subsection

(2)does not constitute an acceptance that a person to whom the notice is directed has a valid existing claim against the bank in dissolution.

(4)An existing claim against the bank in dissolution is barred if either of the following applies:

(a)The existing claimant who was given written notice under subsection

(2)does not file the claim with the bank by the deadline.

(b)The existing claimant who was given written notice under subsection

(2)and whose existing claim was rejected in writing by the bank in dissolution does not commence a proceeding to enforce the existing claim within 90 days from the effective date of the written notice of rejection.

(5)The effective date of the written notice under this section is the earliest of the following:

(a)The date it is received.

(b)Five days after its deposit in the United States mail as evidenced by the postmark, if it is mailed postpaid and correctly addressed.

(c)The date shown on the return receipt, if the notice is sent by registered or certified mail, return receipt requested, and the receipt is signed by or on behalf of the addressee.

History: 1999, Act 276 , Eff. Mar. 1, 2000