A. Sale of assets - Compromise and payment of claims. In liquidating a state bank the Commissioner may exercise any power thereof but he shall not, without the approval of the court in which notice of possession has been filed:
(1) Sell any asset of the bank having a value in excess of Five Hundred Dollars ($500.00) or such larger sum as may be determined by the court not exceeding One Hundred Thousand Dollars ($100,000.00);
(2) Compromise or release any claim if the amount of the claim exceeds Five Hundred Dollars ($500.00), exclusive of interest or such larger sum as may be determined by the court not exceeding One Hundred Thousand Dollars ($100,000.00); and
(3) Make any payment on any claim, other than a claim upon an obligation incurred by the Commissioner, before preparing and filing a schedule of his determinations in accordance with this title.
B. Lease of lands for oil and gas - Royalty - Manner of making lease - Dispensing with notice. The Commissioner is hereby authorized and empowered to lease for oil and/or gas purposes any land vested in the Commissioner as assets of insolvent state banks.
In making or executing any such lease the Commissioner shall retain and reserve a royalty of not less than one-eighth of the oil and/or gas produced from said land. Said lease shall be made in the same manner as now provided for the sale of other assets of state banks in the possession of the Commissioner.
C. Termination of bank's executory contracts. Within six (6) months of the commencement of liquidation, the Commissioner may by his election terminate any executory contract, including but not limited to contracts for services or advertising, to which the state bank is a party or any obligation of the bank as a lessee. A lessor who receives at least sixty (60) days' notice of the Commissioner's election to terminate the lease shall have no claim for rent other than rent accrued to the date of termination nor for damages for such termination, except on building or bank premises the lessor may receive damages not to exceed one (1) year's rent as provided in such lease.
D. Termination of banks' fiduciary positions. As soon after the commencement of liquidation as is practicable, the Commissioner shall take the necessary steps to terminate all fiduciary positions held by the state bank and take such action as may be necessary to surrender all property held by the bank as a fiduciary and to settle its fiduciary accounts. Such fiduciary accounts may be transferred to another qualified corporate fiduciary in the same community by the Commissioner without assent of the parties, and notice of such transfer must be given by registered mail to the parties, and the manner of succession of trust powers and successor trustees shall follow the same procedure as set out in Section 1018 of this title.
E. Subrogation of insuring agency of United States. The right of any agency of the United States insuring deposits to be subrogated to the rights of depositors upon payment of their claims shall not be less extensive than the law of the United States requires as a condition of the authority to issue such insurance or make such payments to depositors of national banks.
F. Notice to depositors, creditors and safe deposit box lessees. Immediately on taking charge and within ten (10) days after taking possession, the Commissioner shall send notice of the liquidation to each known depositor, creditor and lessee of a safe deposit box and bailor of property held by the bank at the address shown on the books of the institution. The notice shall also be published in a newspaper of general circulation in the county in which the institution is located once a week for three (3) successive weeks. The Commissioner shall send with each notice a statement of the amount shown on the books of the institution to be the claim of the depositor or creditor, with all setoffs and any amounts due to the bank. The notice shall demand that property held by the bank as bailee or in a safe deposit box be withdrawn by the person entitled thereto; and the claim of a depositor or creditor, if the amount claimed differs from that stated in the notice to be due, be filed with the Commissioner within sixty (60) days from the date of the first publication of the notice of the taking of possession given by the Commissioner, in accordance with the procedure prescribed in the notice. The failure of any depositor, creditor or claimant to receive a notice, or observe the published notice of the taking of possession by the Commissioner, shall not relieve such claimant of the obligation to file a claim, if the amount thereof differs from the amount found by the Commissioner. If no claim is filed by the claimant in the time specified, then the determination of the Commissioner shall be final and shall constitute the claim of that claimant.
G. Disposition of contents of unclaimed safe deposit boxes. Safe deposit boxes, the contents of which have not been removed before the date specified, shall be opened by the Commissioner. Sealed packages containing the contents of such box, with a certificate of inventory of contents, together with any unclaimed property held by the bank as bailee and certified inventories thereof, shall be held by the Commissioner and administered in accordance with the provisions of the Uniform Unclaimed Property Act, Section 651 et seq. of Title 60 of the Oklahoma Statutes.
H. Determination of claims - Time therefor - Notification. The Commissioner shall:
(1) As soon as practical and within one hundred twenty (120) days from date of first publication of the notice of taking possession, determine the amount, if any, owing to each known creditor or depositor and the priority class of his claim under this title, and file such determination in the court in which notice of possession was filed;
(2) As soon as practical and within sixty (60) days from the date of filing, reject any claim if he doubts the validity thereof; and
(3) Notify each person whose claim has not been allowed in full, by mailing to his last-known address, as shown on the records of the bank, a notice of the time when and the place where the schedule of determinations will be available for inspection and the date when the Commissioner will file his schedule in court.
I. Disposition of contested claims. Within twenty (20) days after the filing of the Commissioner's schedule, any creditor, depositor or stockholder may file an objection to any determination made which adversely affects such objector. Any objections so filed shall be heard and determined by the court. The objection shall be, by the clerk of such district court, entered upon the docket of said court under the same number as other proceedings in connection with the liquidation of the insolvent bank. The Commissioner and interested claimants as the court determines shall be notified of such objection upon a ten-day notice and the matter shall be tried de novo. No person having a claim against an insolvent bank shall maintain action thereon except as herein provided.
J. Partial distribution of allowed claims. After filing his schedule the Commissioner shall, after establishing proper reserves for the payment of costs, expenses of liquidation and disputed claims, pay to any agency of the United States insuring deposits in the insolvent bank such sum as may be then available but not exceeding the amount paid out by such agency as such an insurer of deposits and accounts. The Commissioner may, from time to time, also make partial distribution to the holders of claims which are undisputed or have been allowed by the court, in the order of their priority as herein provided. The court supervising the liquidation shall direct, as soon as practicable after the establishment of an adequate and proper reserve for payment of disputed claims, costs and expenses of liquidation, that the Commissioner make a substantial partial pro rata distribution as will not interfere with orderly liquidation, to the holders of undisputed claims and those allowed by the court in the order of their priority, to the extent that there remains only the determination and settlement of disputed claims and the procedures of the final accounting and final distribution to be made by the Commissioner as herein provided.
K. Priority of claims - Payment - Cancellation - Claims when barred.
(1) The following claims shall have priority in the order herein specified:
For purposes of determining priority of claims, federal funds sold to the failed institution shall be considered deposits of the selling bank in the failed institution.
(2) No claim shall be entitled to interest thereon if it be paid within six (6) months after the first publication of notice of the taking of possession by the Commissioners; if paid after such period, then the unpaid balance of the claim shall be credited with interest at the rate of six percent (6%) per annum from the expiration of the said six (6) months until paid or finally canceled by exhaustion of all assets;
(3) All distributions declared in accordance herewith, which shall not be claimed within one (1) year, shall be canceled upon the order of the district court having jurisdiction of the liquidation of such insolvent bank, and the proceeds thereof returned to the general liquidating account of such insolvent bank. Provided, that notice of the application of the Commissioner to the district court for permission to cancel such unclaimed distributions shall be given by publication for two (2) successive weeks in a newspaper of general circulation in the county where the insolvent bank is located. The notice shall describe the unclaimed distributions sought to be canceled, giving the name and location of the insolvent bank, the name of the payee and the amount and shall recite the Commissioner has filed an application in the designated district court for cancellation of such distributions and shall refer to the application for further particulars; and
(4) Any assets remaining after all partial distributions, after all claims have been paid, or ample provisions for reserves are made for payment thereof by the court, shall be distributed to the stockholders in accordance with their respective interests.
L. Disposition of unclaimed funds other than distributions. Unclaimed funds, other than unclaimed distributions, remaining after completion of the liquidation shall be retained by the Commissioner who shall administer them in accordance with the Uniform Unclaimed Property Act, Section 651 et seq. of Title 60 of the Oklahoma Statutes.
M. Annual reports - Final account - Release of Commissioner - Cancellation of charter.
(1) During the liquidation procedure the Commissioner and his agents and employees shall make a verified annual account, giving in detail a statement of all receipts and disbursements made from the assets in their possession. A copy of the annual report shall be filed with the court of the county and a hearing held thereon. Interested parties and the Board of Directors of the insolvent bank shall be given such notice as the court directs of the hearing and shall make such objections as they shall desire to the account; however, the failure to object at an annual hearing shall not prejudice the right of any claimant or interested party to object to items of expense and proceedings in the liquidation upon the final account;
(2) When the assets have been distributed in accordance with this title, except unclaimed funds and content of safe deposit boxes held by the Commissioner, the Commissioner shall file a final account with the court. Notice of hearing upon the final account shall be given of not less than ten (10) days nor more than thirty (30) days, by registered or certified mail, to all interested persons and to the board of directors of the insolvent bank and the notice shall be published for two (2) successive weeks in some newspaper of general circulation published in the county, showing the nature of the hearing, the date and time of the hearing and that such account is for final settlement of liquidating account of such insolvent bank;
(3) The final account shall reflect all the acts of the Commissioner as supported by annual reports and such necessary items to support the account, including distribution of such remaining cash to the stockholders in accordance with their interests and all other assets to the board of directors of the bank as liquidating agents for the stockholders under the Oklahoma General Corporation Act;
(4) The court shall hear all matters touching upon the final account, allow, reduce or reject any item of expense, and determine all matters before it. Any person aggrieved by the judgment of the court may appeal as in any other civil action; and
(5) Upon approval of the final account as settled by the court, the Commissioner shall be relieved of liability in connection with the liquidation and shall cancel the charter upon the record of the Department.
Added by Laws 1965, c. 161, § 1204. Amended by Laws 1968, c. 93, § 15, emerg. eff. April 1, 1968; Laws 1983, c. 131, § 1, eff. Nov. 1, 1983; Laws 1986, c. 292, § 145, eff. Nov. 1, 1986; Laws 1989, c. 293, § 6, emerg. eff. May 24, 1989; Laws 1991, c. 331, § 46, eff. Sept. 1, 1991; Laws 1992, c. 295, § 6, eff. July 1, 1992; Laws 1993, c. 183, § 21, eff. July 1, 1993.
Structure Oklahoma Statutes
Title 6. Banks and Trust Companies
§6-201. Establishment - Officers and employees.
§6-201.1. Compensation of Commissioner.
§6-202. Board membership and meetings.
§6-204. Powers of Commissioner – Review of orders.
§6-205. Access of Commissioner and Board to records of Department.
§6-206. Power to subpoena witnesses - Declaratory order - Good faith as a defense.
§6-207. Judicial review of orders of the Board or Commissioner.
§6-208. Records of Department - Public inspection – Confidentiality – Electronic storage.
§6-208.1. Availability of personnel data – Confidentiality - Definitions.
§6-209. Bank and trust companies - Examinations and reports.
§6-210. Removal of officer, director or employee of bank or trust company by Commissioner.
§6-211.1. Revolving fund - Creation.
§6-212. Commissioner's annual report.
§6-213. Interests of department officers or employees in banks or trust companies.
§6-214. Bank and trust company records - Preservation - Reproduction.
§6-215. Limitation of liability.
§6-216. Standards in regulations, orders and rules.
§6-218. Transfer of stock or controlling interest - Notice to and approval by Commissioner.
§6-219. Changes in chief executive officer and directors.
§6-220. Impairment of capital - Assessments - Limitations.
§6-301. Certificate of authority.
§6-303.1. Capital structure - Preferred stock.
§6-304. Expenses of organization.
§6-306.1. Commissioner – Certificate of authority – Recommendation of action.
§6-306.2. Acceptance of application for filing - Notice.
§6-307.1. Objectives of Commissioner and Banking Board - Comments or objections.
§6-308. Hearing before Commissioner.
§6-310. Board hearing on application - Condition - Approval - Notice.
§6-311. Appeal of Board's decision.
§6-401. Organization of new bank or trust company.
§6-402. Powers of banks and trust companies.
§6-402.1. Chartering of banker's bank.
§6-403.1. Membership in Federal Reserve System.
§6-404. Federal Deposit Insurance Corporation Act - Acts permitted for compliance therewith.
§6-405.1. Authorized but unissued stock.
§6-405.2. Employee stock option and stock purchase plans.
§6-407. Amendment - Trust powers.
§6-408. Amendment of existing articles of incorporation with certificate of incorporation.
§6-410. Capital debentures - Rediscounting notes to Federal Reserve.
§6-411. Pledge of assets - Banks.
§6-415. Drive-in or walk-up facilities.
§6-416. Bank service corporations.
§6-421. Military banking facilities.
§6-422. Consumer banking electronic facilities.
§6-425. Fiduciary relationships.
§6-426. Agency relationships between subsidiary banks.
§6-502. Bank holding companies.
§6-503. Trust companies - Branch offices.
§6-506. Out-of-state bank holding companies - Acquisitions.
§6-511. Industrial loan company - Industrial bank - Definition.
§6-601. Business days and hours.
§6-702. Liability of fiduciaries owning stock.
§6-703. Liability of preferred shareholders.
§6-705. Transfer of shares - Law governing.
§6-708. Common stock dividend on retirement of preferred stock.
§6-709. Rights of preferred shareholders - Dividends - Voting and conversion rights.
§6-711. Directors and officers - Banks and trust companies.
§6-711.1. Transferred employees - Purchase of former residence by bank.
§6-712. Liability of directors, officers, and other persons - Overdrafts.
§6-712.1. Indemnification for defending suits - Directors' personal liability eliminated or limited.
§6-713. Fidelity bonds and other insurance.
§6-714. Directors - Meetings and duties.
§6-715. Applicability of Oklahoma General Corporation Act.
§6-802. Limitations on maximum indebtedness to bank - Exceptions.
§6-806. Investments - Underwriting - Limitations.
§6-807. Sale and purchase of loans.
§6-808. Banks prohibited from making political contributions - Penalties.
§6-809. Prohibited acts - Penalties - Injunctions.
§6-902. Trustee deposit accounts.
§6-903.1. Deposit accounts for minors.
§6-905. Adverse claims to deposits - Restraining order or injunction - Indemnity bond.
§6-907. Husband and wife deposit for business purpose - Sole proprietorship account.
§6-908. Banks and credit unions authorized to offer savings promotion raffles.
§6-909. Powers of authorized signer.
§6-1001. Powers of trust companies.
§6-1001.1. Temporary borrowing powers of trust companies.
§6-1002. Restrictions on acting in certain fiduciary capacities - Reciprocity.
§6-1003. Advertising performance of legal services prohibited.
§6-1004. Deposits of securities with Commissioner.
§6-1007. Lien and claim upon bank failure.
§6-1008. Investments - Acceptance as securities by public officials of this state.
§6-1009. Official's oath or affidavit.
§6-1011. Loans of trust funds to officers and employees prohibited.
§6-1013. Disclosure of communications and writings prohibited - Exceptions.
§6-1014. Closing of trust unduly delayed.
§6-1015. Banks authorized to engage in trust business - Powers - Restrictions.
§6-1016. Service charges not part of interest on loans.
§6-1017. Voluntary relinquishment of trust powers.
§6-1018. Voluntary or involuntary liquidation or receivership.
§6-1019. Merger, consolidation and sale of assets.
§6-1020. Existing trust powers of religious, charitable, etc. corporations not denied.
§6-1021. Liquidation, dissolution and reorganization of trust companies.
§6-1023. Deposit of securities in clearing corporation or Federal Reserve Bank.
§6-1024. Acquisition of control of trust company - Notice - Approval - Review - Penalties.
§6-1101. Merger or conversion.
§6-1102. Approval of merger by directors and merger agreement.
§6-1105. Effective date of merger, filing of approved agreement, certificate of merger as evidence.
§6-1106. Continuation of corporate entity.
§6-1107. Conversion from state bank to national and of national to state bank, and trust powers.
§6-1108. Nonconforming assets of business.
§6-1109.1. Sale of assets other than in the ordinary course of business.
§6-1110. Book value of assets.
§6-1201. Voluntary liquidation and dissolution.
§6-1202. Involuntary liquidation by Commissioner - Reorganization.
§6-1204. Liquidation by Commissioner - Procedure.
§6-1205. Federal Deposit Insurance Corporation as liquidator.
§6-1207. Transfer or conveyance of title to mineral interests or leases.
§6-1301.1. Appointment of deputy.
§6-1301.2. Authorization for access to safe deposit box upon death of lessee.
§6-1302. Authority to lease safe deposit boxes.
§6-1303. Access by fiduciaries.
§6-1304. Effect of lessee's death or incompetence.
§6-1306. Lease to corporation, general or limited partnership, or limited liability company.
§6-1308. Search procedure on death - Removal of certain contents.
§6-1309. Adverse claims to contents of safe deposit box.
§6-1310. Lien of lessor, special remedies and proceedings for nonpayment of rent.
§6-1311. Limitation of liability - Requirements or policies.
§6-1312. Garnishment - Proceedings in aid of execution.
§6-1313. Estate taxes or rights of state or tax commission not affected.
§6-1403. Unlawful use of words "safe deposit".
§6-1405. Unlawful gratuity or compensation - Transactions of persons connected with bank.
§6-1406. Receipt of deposit after notification of insolvency.
§6-1407. Unlawful service as officer or director.
§6-1409. Unlawful concealment of transactions.
§6-1410. Improper maintenance of accounts - False or deceptive entries and statements.
§6-1412. Embezzlement or misapplication of funds.
§6-1416. Prohibitions relating to control of banks - Remedies.
§6-1514. Information-sharing agreements - Records.
§6-1515. Rules - Interpretive statements and opinions.
§6-1600. International Bank Act - Short title.
§6-1602. Applicability of state banking laws.
§6-1603. Applicability of Oklahoma General Corporation Act.
§6-1604. Requirements for carrying on banking business.
§6-1605. Application for license - Approval or disapproval.
§6-1606. Licenses - Permissible activities.
§6-1607. International administrative offices.
§6-1608. Asset maintenance or capital equivalency.
§6-1609. Certification of capital accounts.
§6-1612. Conversion from a federal agency to a state chartered agency and the reverse.
§6-1614. Representative offices - Limitations - Licenses - Fees.
§6-1615. Rules - Exemption from economic impact statement requirements.
§6-1616. Foreign travel expenses.
§6-1621. Task Force for the Study of State Banking Services.
§6-1701. Short title - Intent.
§6-1705. Companies authorized to act as fiduciary.
§6-1706. Certain activities not requiring charter.
§6-1707. State trust institutions - Business locations.
§6-1708. Out-of-state trust institutions - Business locations.
§6-1709. Registration of name.
§6-1710. Authority to operate trust business.
§6-1713. Establishment of additional offices in this state.
§6-1714. Establishment of additional offices outside of this state.
§6-1715. Out-of-state trust institutions permitted to engage in trust business.
§6-1716. Establishment of new trust offices by out-of-state institutions permitted.
§6-1717. Acquisition of trust offices by out-of-state trust institutions permitted.
§6-1718. Notice of intent to establish or acquire trust office by out-of-state trust institution.
§6-1719. Approval of establishment or acquisition of office by out-of-state institution.
§6-1720. Establishment of additional offices by out-of-state institutions.
§6-1722. Establishment or acquisition of representative trust offices.
§6-1723. Examination of out-of-state trust institutions.
§6-1725. Notice of change of control, substantial transfer of trust assets or closure.
§6-1730. Short title - Purpose.
§6-1732. Designation of trust institution as fiduciary.
§6-1733. Written agreements or instruments - Designation of law governing.
§6-1734. Fiduciary investment standards - Designation of law governing.
§6-1735. Delegation of fiduciary functions.
§6-1736. Hiring and compensation of affiliates.
§6-1737. Compensation arrangements between clients and fiduciaries.
§6-1738. Disclosure of conflicts of interest.
§6-1739. Acquisition of state trust company or trust institution.
§6-1740. Application of act - Exemptions.
§6-1755. Conversion to public trust company.
§6-2001.1. Oklahoma State Credit Union Board - Creation.
§6-2001.3. Meetings of Board - Quorum.
§6-2001.4. Civil liability of State Credit Union Board members.
§6-2007. Membership - Central credit unions.
§6-2009. Fiscal year - Meetings - Voting.
§6-2010. Board of directors - Credit committee or credit manager - Supervisory committee - Officers.
§6-2012. Expulsions and withdrawals.
§6-2014. Shares and deposits in name of minors - Shares not subject to stock transfer tax.
§6-2015. Partial invalidity - Right of alteration, amendment or repeal.
§6-2017. Fiscal agency for state.
§6-2018. Voluntary dissolution.
§6-2020. Special Reserve for Dormant Accounts.
§6-2021. Conversion of credit unions.
§6-2022. Merger of credit unions.
§6-2023. Exercising power of federally chartered credit union - Exceptions.
§6-2024. Joint tenancy shares and deposits.
§6-2025. Share or deposit account payable on death – Application.
§6-2041. Power to make and purchase obligations representing insured loans and credit advances.
§6-2043. Inconsistent laws inapplicable to loans or investments authorized.
§6-2103. Licenses - Requirement - Exceptions - Penalty.
§6-2105. Application for license.
§6-2106. Investigation of applicants.
§6-2107. Annual license fees - Renewals - Display of license certificate - Exception.
§6-2108. Surety bond or irrevocable letter of credit.
§6-2109. Additional bond - Deposit of securities in lieu of bond.
§6-2112. Books, accounts and records - Current financial statements.
§6-2113. Examination of books and records - Audits.
§6-2114. Investigation upon noncompliance with act.
§6-2115. Conduct of business - Location - Agents - Conditions.
§6-2116. Revocation of license - Hearing - Grounds.
§6-2117. Power of subpoena - Designation of hearing officer.
§6-2120. Rules and regulations.
§6-2124. Acts required of licensees - Deadline - Exception.
§6-2203. Financial institutions prohibited from disclosing financial records unless.
§6-2204. Subpoena of financial records.
§6-2205. Disclosures or releases authorized.
§6-2206. Costs of assembling, reproducing or providing financial records.
§6-3001. Records - Electronic or microphotographic reproduction - Evidence.
§6-3002. Compliance review documents - Confidentiality - Discovery or admissibility.
§6-3003. Negotiation services - Interest income as valuable consideration.