Current as of: 2009
A. All claims against the assets of an association whose deposits are insured by an agency of the federal government or other approved insurer, proved to the receiver's satisfaction or approved by the receivership court, shall be paid in the following order:
(1) Administration expenses of the liquidation.
(2) Deposit obligations, member share accounts, and share certificate accounts to the extent the account exceeds the deposit insurance coverage.
(3) Loan advances from other credit unions.
(4) Other general liabilities.
(5) Debt subordinated to the claims of depositors and general creditors.
B. No interest on any claim shall be paid until all claims within the same class have received the full principal amount of the claim.
Acts 1989 1st Ex. Sess., No. 13, §2, eff March 13, 1989; Acts 1989, No. 495, §1.Prev | Next
U.S. Code Provisions: Credit Unions
Federal Regulations: Credit Unions