Montana Code Annotated
Part 5. Dissolution, Closing, and Liquidation
32-1-531. Notice to creditors of insolvent bank

32-1-531. Notice to creditors of insolvent bank. (1) Except as provided in subsection (2), the department shall give notice by advertisement in a newspaper of general circulation in the town or city in which the bank is situated, if there is one, and, if not, then in some other newspaper published in this state, which the department shall designate, once a week for 2 successive weeks. The notice must call on all persons who have claims against the bank to present them to the department or its authorized agent at a place specified in the notice and to make sworn proof, in a form to be fixed by the department, within the time specified in the notice, not less than 90 days from the date of the first publication. A copy of the notice must be mailed to all persons whose names appear as creditors upon the books of the bank.
(2) If the federal deposit insurance corporation is appointed as the liquidating agent, the provisions of subsection (1) do not apply and notice to creditors must be given pursuant to federal law.
History: En. Sec. 131, Ch. 89, L. 1927; re-en. Sec. 6014.141, R.C.M. 1935; amd. Sec. 53, Ch. 431, L. 1975; R.C.M. 1947, 5-1111; amd. Sec. 40, Ch. 395, L. 1993.

Structure Montana Code Annotated

Montana Code Annotated

Title 32. Financial Institutions

Chapter 1. Banks and Trust Companies

Part 5. Dissolution, Closing, and Liquidation

32-1-501. Dissolution and disincorporation

32-1-502. Grounds for closing bank

32-1-503. Bank insolvent when

32-1-504. Deposits in insolvent bank

32-1-505. Penalty for receiving deposits when insolvent or for making false statements

32-1-506. Assessment on capital stock to make good impairment

32-1-507. Power of closed banks to borrow money from governmental agencies

32-1-508. Corporate existence -- ceases when

32-1-509. Taxes on banks which have ceased to do business

32-1-510. Penalty for maliciously declaring bank insolvent

32-1-511. Bank may be placed in department's possession

32-1-512. Effect of posting notice

32-1-513. Taking possession of bank -- notice

32-1-514. Resumption after closing

32-1-515. Powers of department on closing bank -- court proceedings

32-1-516. Recourse of aggrieved bank -- injunction

32-1-517. Department may retain bank employees -- liquidating agent's salary and expenses

32-1-518. Compensation of agents and attorneys

32-1-519. through 32-1-530 reserved

32-1-531. Notice to creditors of insolvent bank

32-1-532. Claims -- allowance and rejection

32-1-533. Payment of claims

32-1-534. Claims -- order of payment -- priorities

32-1-535. Claims -- partial payments -- assignments

32-1-536. Deposit of funds in department's hands

32-1-537. Disposition of unclaimed funds

32-1-538. Disposition of assets remaining after payment of claims

32-1-539. through 32-1-550 reserved

32-1-551. Liquidating officer's powers and duties

32-1-552. Further duties of liquidating officer

32-1-553. Department to file inventory -- report required -- exception

32-1-554. through 32-1-560 reserved

32-1-561. Definitions

32-1-562. Power of department

32-1-563. Powers of officers

32-1-564. Notice of bank closing

32-1-565. Effect of closing