As soon after the commencement of liquidation as practicable the receiver shall cause notice of the liquidation to be published in a newspaper of general circulation in each county in which the bank has an office, once a week for eight successive weeks. The notice shall demand that all persons who have claims against the bank present them to the receiver and make legal proof thereof, in accordance with the procedure prescribed in the notice. The receiver shall mail a copy of the notice at the address shown on the records of the bank, to each person who appears from the records to be a creditor of the bank, with the advice of the nature and amount of the purported indebtedness, provided that the notice in respect to any indebtedness to which the federal deposit insurance corporation claims complete subrogation need be made only to the corporation. The receiver’s advice of a purported indebtedness shall not bind the receiver on the validity or the amount of any claim based thereon.

Terms Used In Arizona Laws 6-395.09

  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215