Montana Code Annotated
Part 5. Dissolution, Closing, and Liquidation
32-1-533. Payment of claims

32-1-533. Payment of claims. (1) Claims presented to the department prior to the expiration of the time fixed in the notice to creditors and allowed by it shall be paid in the order of priority fixed in this chapter.
(2) Those filed after that expiration and within 1 year of that expiration are entitled, after they have been allowed by the department, to share in the distribution of the assets of the bank only to the extent of the assets undistributed in the hands of the department and available for the payment of claims of their order of priority at the time the claims are filed. As against other claims of the same order of priority on which dividends have been paid, they are entitled to payment in a proportionate amount before further payments are made on those other claims.
(3) All claims filed after the expiration of 1 year following the date fixed in the notice to creditors as the time for presentation of claims are not entitled to be allowed or paid unless all other creditors' claims of any kind, except claims of shareholders based on stock or assessments paid on stock, have been fully paid and a surplus remains in the hands of the department and then only from that surplus.
History: En. Sec. 133, Ch. 89, L. 1927; re-en. Sec. 6014.143, R.C.M. 1935; amd. Sec. 55, Ch. 431, L. 1975; R.C.M. 1947, 5-1113.

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