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Can you summarize IDST 26-1020?
CLOSING AND LIQUIDATION OF BANKS > PARTIAL PAYMENT OF CLAIMS CALCULATION OF DIVIDENDS ASSIGNMENT OF CLAIMS CHECKS AGAINST CLOSED BANK.
Short Summary
This legal document governs the process of partial payment of claims, calculation of dividends, assignment of claims, and checks against a closed bank. It applies to directors, creditors, and claimants of a bank in the process of liquidation. The director of the department of finance has the discretion to make pro rata distributions to creditors before the expiration of the time allowed for filing claims, based on the priority and amount shown in the bank’s books and records. Dividends are declared and paid to all creditors after the expiration of the claim filing period. If any creditor has been paid more than their pro rata amount, further payments are withheld until other creditors are on equal footing. Disputed claims and deposits are taken into account in calculating dividends. Claims against a bank in liquidation can be assigned as a whole, but partial assignments are not valid. Assignments are binding upon the director only after being filed and allowed, subject to the assignor’s liabilities to the bank. Checks or drafts drawn against a closed bank are not recognized as claims or assignments. No specific penalties are mentioned in this document.
Whom does it apply to?
Directors, creditors, and claimants of a bank in the process of liquidation
What does it govern?
Partial payment of claims, calculation of dividends, assignment of claims, checks against closed bank
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Idaho