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Dissolution proceedings - 17 Pa. Cons. Stat. § 1303

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     § 1303.  Dissolution proceedings.
        (a)  Collection and distribution of assets.--The liquidating
     trustee or trustees shall proceed in the manner provided by the
     department to gather the assets, determine the liabilities and
     distribute the assets of the credit union until its affairs are
     fully adjusted and wound up. Under this section the department
     shall set forth the order of the distribution of the assets. The
     provisions of this section on distribution of assets apply
     whether the dissolution is voluntary or involuntary.
        (b)  Proof of claims.--The liquidating trustee or trustees
     shall notify all creditors and members appearing on the records
     of the association, by notice sent to or given at the address
     appearing for such creditor or member on the records or, if no
     address appears there, at the last known address of the creditor
     or member, of the amount which the records show to be due such
     member or creditor. The liquidating trustee or trustees shall
     also advertise, for three successive weeks in a newspaper of
     general circulation and in a legal newspaper, if any, in the
     county in which the credit union is located, that the credit
     union is liquidating pursuant to a plan of voluntary
     liquidation. The advertisement shall set forth a date not less
     than 90 days after the date of the first published advertisement
     before which all creditors or members must present their claims,
     under oath or affirmation, to the trustee or trustees or be
     bound by the amount shown on the records of the credit union to
     be due them. Thereafter, all claims shall be permanently barred.
        (c)  Limitation period.--Any claim which is rejected or
     disallowed by the trustee or trustees shall be barred unless an
     action is brought thereon within 90 days after mailing of the
     notice of rejection or disallowance.
        (d)  Transfer possession.--If the department takes possession
     of the credit union under section 503(c) (relating to regulation
     by department) and appoints the National Credit Union
     Administration to liquidate the credit union or take other
     action deemed appropriate regarding the credit union, then the
     department shall be deemed to have surrendered jurisdiction of
     the credit union and the department shall have no liability
     related to such credit union.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (a) and added
     subsec. (d).

Last modified: November 27, 2007