US Laws, Codes, Statutes & Cases

 
  § 1211. Final distribution by receiver.
    (a)    If  there  remains  property of the corporation after the first
  distribution, the receiver shall, within one  year  thereafter,  make  a
  final  distribution  among  the creditors entitled thereto.  Notice that
  such distribution will be the final distribution to creditors  shall  be
  published  once  a  week  for  two  consecutive  weeks in a newspaper of
  general circulation in the county where the office of the corporation is
  located.
    (b)   A creditor or claimant who failed to prove his claim before  the
  first  distribution and who proves it before the final one shall receive
  the sum he would have been entitled to on the first distribution  before
  any further distribution shall be made to other creditors or claimants.
    (c)    Unless  the court shall otherwise direct, no other distribution
  shall be made thereafter to creditors, except to  those  having  pending
  actions against the corporation or the receiver.
    (d)  After the final distribution to creditors, the receiver shall not
  be  answerable  to any creditor or claimant, unless his claim shall have
  been proved before or at the time specified in the notice of  the  final
  distribution.