32-1-552. Further duties of liquidating officer. (1) For the purpose of this section the term "liquidating officer" includes every person legally empowered to liquidate the business and affairs of a state bank, whether the liquidation is by the department or its deputies and agents. The term also includes all receivers of state banks qualified to liquidate a state bank under any law of this state.
(2) The liquidating officer of a bank may decide when the assets of a failed bank are not sufficient to pay the debts, contracts, engagements, and liabilities and may determine the time when and the court where necessary legal proceedings are conducted, subject to the general provisions of law governing venue and place of trial.
(3) The provisions of 32-1-551 through 32-1-553 do not impose liability on a stockholder of a bank that is a member of the federal deposit insurance corporation.
History: En. as part of Sec. 21, Ch. 89, L. 1927; amd. Sec. 1, Ch. 110, L. 1935; re-en. Sec. 6014.25, R.C.M. 1935; amd. Sec. 11, Ch. 431, L. 1975; amd. Sec. 3, Ch. 71, L. 1977; R.C.M. 1947, 5-403(1) thru (3); amd. Sec. 46, Ch. 395, L. 1993.
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