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Can you summarize KSST Chapter 9, Article 19?
BANKS AND BANKING; TRUST COMPANIES > BANKING CODE; DISSOLUTION; INSOLVENCY
Short Summary
These legal documents govern the liquidation, dissolution, and insolvency of banks and trust companies under the jurisdiction of the state bank commissioner in Kansas. The documents outline the procedures and requirements for voluntary liquidation, including the approval of a liquidation plan by the commissioner and the surrender of the bank’s certificate of authority. The commissioner has the authority to examine the bank during the liquidation period and take action if the bank deviates from the approved plan. The documents also cover the appointment of a receiver for insolvent banks or trust companies, who is responsible for liquidating the institution’s assets and distributing the proceeds to depositors, creditors, and stockholders. The receiver may sell the bank’s property with court approval and is entitled to reasonable compensation. Undelivered funds from the liquidation are paid to the state bank commissioner, who remits them to the state treasurer for distribution to approved claimants. The documents also address the escheat and disposition of property or assets held by the state bank commissioner, which escheat to the state if unclaimed for more than 10 years. Overall, these documents provide the legal framework for the orderly dissolution and distribution of assets in the event of bank insolvency or voluntary liquidation.
Whom does it apply to?
Banks, trust companies, state bank commissioner, commissioner-approved liquidation plans
What does it govern?
Liquidation, dissolution, and insolvency of banks and trust companies
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Kansas