Louisiana Revised Statutes 6:395 – Distribution of assets
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Terms Used In Louisiana Revised Statutes 6:395
- Capital: means the sum of capital stock, surplus, and undivided profits or, as to mutual state banks, as defined by La. See Louisiana Revised Statutes 6:201
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Receiver: means the person liquidating a state bank pursuant to Part II of this Subchapter. See Louisiana Revised Statutes 6:381
- Receivership court: means the district court for the parish in which the state bank is domiciled. See Louisiana Revised Statutes 6:381
A. All claims against the bank’s assets, 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) Claims given priority under other provisions of state or federal law.
(3) Deposit obligations.
(4) Other general liabilities.
(5) Debt subordinated to the claims of depositors and general creditors.
(6) Equity capital securities.
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 1984, No. 719, §1, eff. Jan. 1, 1985.