2010 Code of Virginia
Title 6.2 - FINANCIAL INSTITUTIONS AND SERVICES.
Chapter 8 - Banks (6.2-800 thru 6.2-946)
6.2-933 - (Effective October 1, 2010) Distribution of assets.
§ 6.2-933. (Effective October 1, 2010) Distribution of assets.
A. All claims against the bank's estate, proved to the satisfaction of the FDIC as receiver or approved by the receivership court, shall be paid in the following order:
1. Administration expenses of the liquidation;
2. Claims given priority under other provisions of state or federal law;
3. Deposit obligations;
4. Other general liabilities;
5. Debt subordinated to the claims of depositors and general creditors; and
6. Equity capital securities.
B. No interest on any claim shall be paid until all claims within the same class have received the full principal amount of claim.
(1983, c. 507, § 6.1-110.9; 2010, c. 794.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
