32-1-535. Claims -- partial payments -- assignments. (1) The department need not await the expiration of the time allowed for filing claims, as fixed in the notice to the creditors, for the payment of dividends. The department may, if under the circumstances of the particular case it considers it expedient and safe, at any time after taking possession of the bank and prior to the expiration of the period fixed for filing of claims and if it has on hand in cash sufficient funds in excess of the expenses of liquidation, make pro rata distribution to any class of creditors entitled to distribution in the order of priority fixed in this chapter. The department shall make a payment to the creditors as they appear on the books and records of the bank and after determining the priority and basing its apportionment on the amount shown to be due by the books and records.
(2) At any time after the expiration of the date fixed for the presentation of claims against the bank and from time to time after that date when, in its discretion, there are sufficient funds available, the department shall, after making proper provisions for the payment of expenses of liquidation, declare and pay dividends to all creditors of the bank pro rata in the order of their priority. If, after the time fixed for presentation of claims against the bank has expired, it appears that a person, prior to the expiration of the period or at any other time, has been paid more than the pro rata amount due the person as compared with the amounts paid to other creditors, nothing more may be paid to that creditor until the payment made to other creditors places them on equal footing.
(3) In calculating dividends, all disputed claims and deposits must be taken into account and the amount of dividends upon the disputed claims or deposits must be held by the department until the validity of those claims or deposits has been finally determined.
(4) Claims against a bank in process of liquidation may be assigned in whole or in part subject to the approval of the department. Assignments of claims are binding upon the department only after they have been filed and allowed by the department and are subject to the payment of the assignor's liabilities to the bank. An assignment must be made by filing written notice, signed by the original claimant, with the department or person in charge of the bank. Assigned claims may not be offset against obligations due the bank. A check or draft drawn against a bank closed or taken possession of by the department, whether issued before or after closing, may not be recognized as a claim against the bank or as an assignment of any amount, whether protested or not protested.
History: En. Sec. 135, Ch. 89, L. 1927; re-en. Sec. 6014.145, R.C.M. 1935; amd. Sec. 5, Ch. 145, L. 1931; amd. Sec. 57, Ch. 431, L. 1975; amd. Sec. 25, Ch. 71, L. 1977; R.C.M. 1947, 5-1115; amd. Sec. 1018, Ch. 56, L. 2009.
Structure 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
32-1-504. 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
32-1-534. 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