North Dakota Code 6-07.2-09 – Payment of claims
1. All claims against the institution’s estate, proved to the receiver’s satisfaction or approved by the circuit court, must be paid in the following order:
Terms Used In North Dakota Code 6-07.2-09
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- capital: as used in this title embraces the amount of outstanding capital notes and debentures legally issued by any banking institution. See North Dakota Code 6-03-42
- Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
a. Administration expenses, including compensation of each regular officer or employee of the receiver for the time actually devoted to the liquidation of the institution at an amount not to exceed the compensation paid to the officer or employee for the performance of the officer’s or employee’s regular duties; actual expenses of each regular officer and employee necessarily incurred in the performance of the officer’s or employee’s duties; compensation and expenses of any special representative, assistant, accountant, agent, or attorney employed by the receiver; court costs; and if the commissioner is acting as receiver, such reasonable general overhead expenses as may be incurred by the commissioner in the liquidation of the affairs of the institution which shall be ascertained, determined, and fixed by the commissioner.
b. Claims given priority under other provisions of state or federal law.
c. Deposit obligations, except that notwithstanding sections 6-03-67 and 41-04-31, if a depositor is indebted to an insolvent bank, the insolvent bank has a right to setoff against the depositor’s account.
d. Other general liabilities.
e. Debt subordinated to the claims of depositors and general creditors. f. Equity capital securities.
2. Interest on a claim may not be paid until all claims within the same class have received the full principal amount of claim.