2005 Idaho Code - 26-1024 — DISPOSITION OF ASSETS REMAINING AFTER PAYMENT OF CLAIMS

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 10
                       CLOSING AND LIQUIDATION OF BANKS
    26-1024.  DISPOSITION OF ASSETS REMAINING AFTER PAYMENT OF CLAIMS.
Whenever the director has paid to each and every depositor and creditor of
such bank whose claims shall have been duly approved and allowed as herein
provided, the full amount thereof, and shall have made provisions for
unclaimed and unpaid deposits and disputed claims and deposits, and shall have
paid all the expenses of liquidation or, if the assets of said bank be
insufficient for making said payments, then, whenever the director has
liquidated all available assets and disbursed the same as herein provided, the
director shall make application to the district court of the county in which
such bank is located, or the judge thereof in chambers for an order
authorizing the director, if there be remaining assets on hand, to surrender
the same to the directors of said bank in office at the time of closing the
same, as trustees for stockholders, or to such other person or persons, if
any, as have been designated as trustees by the stockholders at a meeting
lawfully called and assembled for such purpose, in like manner as any other
stockholders' meeting. Said order shall also provide that upon the surrender
of said assets, as in said order directed, and where there are no remaining
assets, then, upon the entry of the order, the director shall be discharged
from all further liability or responsibility in connection with the assets and
affairs of said bank and that the charter of said bank shall be forfeited. The
court may require such trustees to give bond in such amount as the court may
fix, conditioned for the faithful performance of their duties. It shall be the
duty of the said trustee or trustees to complete the liquidation of any
remaining assets as rapidly as may be and to distribute the proceeds of the
same among the stockholders according to their respective rights. On
application for such order, the bank shall be made a party by notice issued on
order of the court or judge, in lieu of summons, but served in like manner,
and the hearing of any such application may be had at any time in court or in
chambers, as the court may order, after five (5) days' notice of the hearing.