1. A dissolved state bank may publish notice of its dissolution and request that persons with claims against the state bank present them in accordance with the notice.

Terms Used In Iowa Code 524.1308B

  • Assets: means all the property and rights of every kind of a state bank. See Iowa Code 524.103
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bank: means a corporation organized under this chapter, a national bank, a federal savings association, or an out-of-state bank. See Iowa Code 524.103
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Internet: means the federated international system that is composed of allied electronic communication networks linked by telecommunication channels, that uses standardized protocols, and that facilitates electronic communication services, including but not limited to use of the world wide web; the transmission of electronic mail or messages; the transfer of files and data or other electronic information; and the transmission of voice, image, and video. See Iowa Code 4.1
  • notice: means as defined in section 490. See Iowa Code 524.533
  • Shareholder: means one who is a holder of record of shares in a state bank. See Iowa Code 524.103
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • State bank: means any bank incorporated pursuant to the provisions of this chapter after January 1, 1970, and any "state bank" incorporated pursuant to the laws of this state and doing business as such on January 1, 1970, or a bank organized as a mutual corporation under this chapter. See Iowa Code 524.103
 2. The notice made pursuant to this section must satisfy all of the following requirements:

 a. Be published in accordance with all of the following:

 (1) One time in a newspaper of general circulation in the county where the dissolved state bank’s principal office is or was located.
 (2) Be posted conspicuously for at least thirty days on the dissolved state bank’s internet site.
 b. Include a description of the information that must be included in a claim and provide a mailing address where the claim may be sent.
 c. Include a statement that a claim against the state bank will be barred unless a proceeding to enforce the claim is commenced within two years after the publication of the notice.
 3. If the dissolved state bank publishes a newspaper notice pursuant to subsection 2, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved state bank within two years after the publication date of the newspaper notice:

 a. A claimant who did not receive written notice under section 524.1308A.
 b. A claimant whose claim was timely sent to the dissolved state bank but not acted on.
 c. A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
 4. A claim may be enforced under this section as follows:

 a. Against the dissolved state bank, to the extent of its undistributed assets.
 b. If the assets have been distributed in liquidation, against a shareholder of the dissolved state bank to the extent of the shareholder’s pro rata share of the claim or the state bank’s assets distributed to the shareholder in liquidation, whichever is less, but a shareholder’s total liability for all claims under this section shall not exceed the total amount of assets distributed to the shareholder in liquidation.
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