7-18a-502 - Distribution of balance of assets.
7-18a-502. Distribution of balance of assets.
(1) This section supersedes Subsection 7-2-15(3).
(2) When the commissioner has paid claims of each depositor and creditor of the foreigndepository institution's agency or branch in this state whose claims have been proved and allowedthe full amount of the claim, the commissioner shall transfer any remaining assets to the foreigndepository institution in accordance with orders issued by the court.
(3) (a) Notwithstanding Subsection (2), if the foreign depository institution has an officein another state of the United States that is in liquidation and the assets of the office appear to beinsufficient to pay in full the creditors of that office, the court shall order the commissioner totransfer to the liquidator of that office the amount of any remaining assets as appears to benecessary to cover the insufficiency.
(b) If the foreign depository institution has two or more offices in a state other than thisstate and the assets of each office appear to be insufficient to pay in full the creditors of eachoffice, and the amount of remaining assets is less than the aggregate amount of insufficiencieswith respect to the offices, the court shall order the commissioner to distribute the remainingassets among the liquidators of the offices in a manner the court finds equitable.
Enacted by Chapter 63, 1996 General Session