Washington Code 32.32.195 – Liquidation account — Distribution upon complete liquidation
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In the event of a complete liquidation of the converted savings bank (and only in this event), each eligible account holder and supplemental eligible account holder shall be entitled to receive a liquidation distribution from the liquidation account, in the amount of the then current adjusted subaccount balances for savings accounts then held, before any liquidation distribution may be made with respect to capital stock. No merger, consolidation, purchase of bulk assets with assumption of savings accounts and other liabilities, or similar transaction, in which the converted savings bank is not the survivor, is considered to be a complete liquidation for this purpose. In these transactions, the liquidation account shall be assumed by the surviving institution.
[ 1981 c 85 § 38.]
Terms Used In Washington Code 32.32.195
- amount: when used in regard to securities, means the principal amount if relating to evidences of indebtedness, the number of shares if relating to shares, and the number of units if relating to any other kind of security. See Washington Code 32.32.025
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- capital stock: includes permanent stock, guaranty stock, permanent reserve stock, any similar certificate evidencing nonwithdrawable capital, or preferred stock, of a savings bank converted under this chapter or of a subsidiary institution or holding company. See Washington Code 32.32.025
- eligible account holder: means any person holding a qualifying deposit as determined in accordance with RCW 32. See Washington Code 32.32.025
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- supplemental eligible account holder: means any person holding a qualifying deposit, except officers, directors, and their associates, as of the supplemental eligibility record date. See Washington Code 32.32.025