Texas Finance Code - Section 36.312. Priority Of Claims Against Uninsured Bank
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§ 36.312. PRIORITY OF CLAIMS AGAINST UNINSURED BANK. (a)
The priority of distribution of assets from the estate of a bank the
deposits of which are not insured by the Federal Deposit Insurance
Corporation or its successor shall be in accordance with the order
of each class as provided by this section. Every claim in each
class shall be paid in full, or adequate money shall be retained for
that payment, before a member of the next class receives any
payment. A subclass may not be established within a class, except
for a preference or subordination within a class expressly created
by contract or other instrument or in the articles of association.
(b) Assets shall be distributed in the following order of
priority:
(1) administrative expenses;
(2) approved claims of secured creditors to the extent
of the value of the security as provided by Section 36.304;
(3) approved claims of beneficiaries of insufficient
commingled fiduciary money or missing fiduciary property and
approved claims of depositors of the bank;
(4) other approved claims of general creditors not
falling within a higher priority under this section, including
unsecured claims for taxes and debts due the federal government or a
state or local government;
(5) approved claims of a type described by
Subdivisions (1)-(4) that were not filed within the period
prescribed by this subchapter; and
(6) claims of capital note or debenture holders or
holders of similar obligations and proprietary claims of
shareholders, participants, participant-transferees, or other
owners according to the terms established by issue, class, or
series.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.305 36.306 36.307 36.308 36.309 36.310 36.311 36.312 36.313 36.314 37.001 37.002 37.003 37.004 37.005
Last modified: August 10, 2007
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