32-2-1015. Notice to creditors of insolvent mutual association. (1) Except as provided in subsection (2), the department shall give notice by advertisement once a week for 2 successive weeks in a newspaper of general circulation in the town or city where the mutual association is located, if there is one, or in another newspaper that is published in the state and designated by the department. The notice must call on all persons who have claims against the mutual association 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 after the date of the first publication. A copy of the notice must be mailed to all persons whose names appear as creditors on the books of the mutual association.
(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. 102, Ch. 431, L. 2021.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 2. Mutual Savings and Loan Associations
Part 10. Dissolution, Closing, and Liquidation
32-2-1001. Dissolution and disincorporation
32-2-1002. Grounds for closing mutual association
32-2-1003. When mutual association insolvent
32-2-1004. Deposits in insolvent mutual associations
32-2-1005. Penalty for receiving deposits when insolvent or for making false statement
32-2-1006. Power of closed mutual associations to borrow money from governmental agencies
32-2-1007. Corporate existence -- cessation
32-2-1008. Taxes on mutual associations that have ceased to do business
32-2-1009. Penalty for maliciously declaring mutual association insolvent
32-2-1010. Resumption after closing
32-2-1011. Powers of department on closing mutual association -- court proceedings
32-2-1012. Recourse of aggrieved mutual association -- injunction
32-2-1014. Compensation of agents and attorneys
32-2-1015. Notice to creditors of insolvent mutual association
32-2-1016. Claims -- allowance and rejection
32-2-1018. Claims -- order of payment -- priorities
32-2-1019. Claims -- partial payments -- assignments
32-2-1020. Deposit of funds in department's hands
32-2-1021. Disposition of unclaimed funds
32-2-1022. Disposition of assets remaining after payment of claims
32-2-1023. Further duties of liquidating officer
32-2-1024. Department to file inventory -- report required -- exception
32-2-1025. through 32-2-1029 reserved
32-2-1031. Power of department