51A-15-7. Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions.
121 words·~1 min read·
/sd/title-51/chapter-51-15/51a-15-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any assets remaining after the discharge of all obligations shall be distributed to the stockholders in accordance with their respective interests. No such distribution shall be made before:
(1)All claims of depositors and creditors have been paid, or, in the case of any disputed claim, the bank has transmitted to the director a sum adequate to meet any liability that may be judicially determined;
(2)Any funds payable to a depositor or creditor and unclaimed have been transmitted to the state treasurer; and
(3)Approved by the director.
Any unclaimed distribution to a stockholder or depositor shall be held until ninety days after the final distribution and then transmitted to the state treasurer for disposition pursuant to chapter 43-41B .