26-1024. DISPOSITION OF ASSETS REMAINING AFTER PAYMENT OF CLAIMS. Whenever the director has paid to each and every depositor and creditor of such bank whose claims shall have been duly approved and allowed as herein provided, the full amount thereof, and shall have made provisions for unclaimed and unpaid deposits and disputed claims and deposits, and shall have paid all the expenses of liquidation or, if the assets of said bank be insufficient for making said payments, then, whenever the director has liquidated all available assets and disbursed the same as herein provided, the director shall make application to the district court of the county in which such bank is located, or the judge thereof in chambers for an order authorizing the director, if there be remaining assets on hand, to surrender the same to the directors of said bank in office at the time of closing the same, as trustees for stockholders, or to such other person or persons, if any, as have been designated as trustees by the stockholders at a meeting lawfully called and assembled for such purpose, in like manner as any other stockholders’ meeting. Said order shall also provide that upon the surrender of said assets, as in said order directed, and where there are no remaining assets, then, upon the entry of the order, the director shall be discharged from all further liability or responsibility in connection with the assets and affairs of said bank and that the charter of said bank shall be forfeited. The court may require such trustees to give bond in such amount as the court may fix, conditioned for the faithful performance of their duties. It shall be the duty of the said trustee or trustees to complete the liquidation of any remaining assets as rapidly as may be and to distribute the proceeds of the same among the stockholders according to their respective rights. On application for such order, the bank shall be made a party by notice issued on order of the court or judge, in lieu of summons, but served in like manner, and the hearing of any such application may be had at any time in court or in chambers, as the court may order, after five (5) days’ notice of the hearing.
History:
[26-1024, added 1979, ch. 41, sec. 2, p. 112.]
Structure Idaho Code
Chapter 10 - CLOSING AND LIQUIDATION OF BANKS
Section 26-1001 - GROUNDS FOR CLOSING BANK.
Section 26-1002 - PENALTY FOR CLOSING BANK WITH CRIMINAL INTENT.
Section 26-1003 - RECEIVING DEPOSITS WHEN INSOLVENT.
Section 26-1004 - BANK MAY BE PLACED IN DIRECTOR’S POSSESSION.
Section 26-1005 - EFFECT OF POSTING NOTICE.
Section 26-1006 - TAKING POSSESSION OF BANK — NOTICE.
Section 26-1007 - RESUMPTION AFTER CLOSING.
Section 26-1008 - POWERS OF DIRECTOR ON CLOSING BANK.
Section 26-1009 - RECOURSE OF AGGRIEVED BANK.
Section 26-1010 - DIRECTOR MAY APPOINT AGENTS.
Section 26-1011 - FEDERAL DEPOSIT INSURANCE CORPORATION — RIGHT TO ACT AS RECEIVER OR LIQUIDATOR.
Section 26-1015 - ENFORCEMENT OF INDIVIDUAL LIABILITY OF DIRECTORS OF CLOSED BANK.
Section 26-1016 - NOTICE TO CREDITORS OF INSOLVENT BANK.
Section 26-1017 - CLAIMS — ALLOWANCE AND REJECTION.
Section 26-1018 - PAYMENT OF CLAIMS.
Section 26-1019 - CLAIMS — ORDER OF PAYMENT — PRIORITIES.
Section 26-1021 - STATEMENT OF CONDITION.
Section 26-1022 - DEPOSIT OF FUNDS IN DIRECTOR’S HANDS.
Section 26-1023 - DISPOSITION OF UNCLAIMED FUNDS.
Section 26-1024 - DISPOSITION OF ASSETS REMAINING AFTER PAYMENT OF CLAIMS.
Section 26-1025 - BORROWING MONEY TO FACILITATE LIQUIDATION OR REOPENING OF BANK.