Section 487.13304 – “Existing Claim” and “Existing Claimant” Defined; Notice to Depositors and Creditors; Existing Claims; Effective Date of Written Notice.
487.13304 “Existing claim” and “existing claimant” defined; notice to depositors and creditors; existing claims; effective date of written notice. 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 […]
Section 487.13305 – “Claim” and “Claimant” Defined; Notice of Dissolution; Publication; Requirements.
487.13305 “Claim” and “claimant” defined; notice of dissolution; publication; requirements. Sec. 3305. (1) As used in this section: (a) “Claim” means a claim or right against the bank in dissolution, liquidated or unliquidated, of a claimant that did not receive the written notice required by section 3304. (b) “Claimant” means a person holding a claim. […]
Section 487.13306 – Court Supervision of Bank in Dissolution.
487.13306 Court supervision of bank in dissolution. Sec. 3306. (1) After a bank has commenced dissolution, the commissioner, the bank in dissolution, a creditor, or a shareholder may apply to an appropriate court for an order that the affairs of the bank in dissolution and the liquidation of its assets continue under supervision of the […]
Section 487.13307 – Debts, Obligations, and Liabilities.
487.13307 Debts, obligations, and liabilities. Sec. 3307. (1) A bank in dissolution or its liquidating agent or committee shall act on all claims filed and notify all claimants of the action taken or to be taken on their respective claims within 6 months of the last date for filing the claims. (2) Before making a […]
Section 487.13301 – Proposed Resolution of Dissolution; Certificate of Termination; Designation of Liquidating Agent or Committee; Reports; Examination by Commissioner; Filing of Certificate; Termination.
487.13301 Proposed resolution of dissolution; certificate of termination; designation of liquidating agent or committee; reports; examination by commissioner; filing of certificate; termination. Sec. 3301. (1) A solvent bank may go into dissolution and be closed upon expiration of its corporate term or by the vote of its shareholders. (2) The proposed dissolution shall be submitted […]
Section 487.13302 – Bank in Dissolution as Body Corporate.
487.13302 Bank in dissolution as body corporate. Sec. 3302. (1) A bank that begins dissolution under section 3301 shall continue to be a body corporate until the commissioner certifies and files the certificate of termination under section 3301(9) for all of the following: (a) Prosecuting and defending actions for or against the bank. (b) Disposing […]
Section 487.13303 – Bank in Dissolution; Function of Officers, Directors, and Shareholders.
487.13303 Bank in dissolution; function of officers, directors, and shareholders. Sec. 3303. (1) Subject to section 3302 or as otherwise provided by the commissioner, a bank in dissolution, it officers, directors, and shareholders shall continue to function in the same manner as if dissolution had not occurred. (2) The directors of the bank in dissolution […]