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Can you summarize NERS 8-1,110?
BANKS AND BANKING > Insolvent banks; claims; priority.
Short Summary
This legal document governs the priority of claims in the event of insolvency of a bank. It states that the claims of depositors for deposits not otherwise secured and claims of holders of exchange have priority over all other claims, except for federal, state, county, and municipal taxes. These claims are considered a first lien on all the assets of the bank. However, claims based on evidence of indebtedness in the hands of or originally issued to any stockholder, officer, or employee of the bank are not allowed priority. The document provides various cases and examples to clarify the application of priority in different scenarios.
Whom does it apply to?
Banks and banking institutions
What does it govern?
Claims of depositors for deposits not otherwise secured and claims of holders of exchange
What are exemptions?
Claims based on evidence of indebtedness in the hands of or originally issued to any stockholder, officer, or employee of the bank
What are the Penalties?
No penalties mentioned
Jurisdiction
Nebraska