Washington Code 31.12.697 – Unclaimed liquidation dividends
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Any liquidation dividends to share account holders, depositors, or other creditors of the credit union remaining uncalled for and unpaid in the hands of the receiver for six months after the order of final distribution, must be deposited in a financial institution to each share account holder’s, depositor’s, or creditor’s credit. The funds must be held in trust for the benefit of the persons entitled to the funds and, subject to the supervision of the court, must be paid by the receiver to them upon presentation of satisfactory evidence of their right to the funds.
[ 1997 c 397 § 78.]
Terms Used In Washington Code 31.12.697
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Financial institution: means any commercial bank, trust company, savings bank, or savings and loan association, whether state or federally chartered, and any credit union, out-of-state credit union, or federal credit union. See Washington Code 31.12.005