2009 Iowa Code
Title 13 - Commerce
Subtitle 2 - Financial Institutions
CHAPTER 533 - CREDIT UNIONS
533.404 - DISSOLUTION GENERALLY.

        533.404  DISSOLUTION GENERALLY.
         The following shall apply to dissolution of a state credit union
      under this chapter, whether voluntary or involuntary:
         1.  Distribution of the assets of the state credit union shall be
      made in the following order:
         a.  The payment of costs and expense of the administrator of
      dissolution.
         b.  The payment of claims for public funds deposited pursuant
      to chapter 12C and the payment of claims which are given priority by
      applicable statutes.  If the assets are insufficient for payment of
      the claims in full, priority shall be determined by the statutes or,
      in the absence of conflicting provisions, on a pro rata basis.
         c.  The payment of deposits, including accrued interest, up to
      the date of the special meeting of the members at which voluntary
      dissolution was authorized, or in the case of involuntary
      dissolution, the date of appointment of a receiver.
         d.  The pro rata apportionment of the balance among the
      members of record on the date of the special meeting of the members
      at which voluntary dissolution was authorized, or in the case of
      involuntary dissolution, the members of record on the date of
      appointment of a receiver.
         2.  All amounts due members who are unknown, or who are under a
      disability and no person is legally competent to receive the amounts,
      or who cannot be found after the exercise of reasonable diligence,
      shall be transmitted to the treasurer of state who shall hold the
      amounts in the manner prescribed by chapter 556.  All amounts due
      creditors as described in section 490.1440 shall be transmitted to
      the treasurer of state in accordance with that section and shall be
      retained by the treasurer of state and subject to claim as provided
      for in that section.
         3.  The superintendent shall assume custody of the records of a
      state credit union dissolved pursuant to this chapter and shall
      retain the records which, in the superintendent's discretion, are
      deemed necessary, in accordance with the provisions of section
      533.322.  The superintendent may cause film, photographic,
      photostatic, or other copies of the records to be made and the
      superintendent shall retain the copies in lieu of the original
      records.
         4. a.  The dissolution of a state credit union shall not
      remove or impair any remedy available to or against such state credit
      union, its directors, officers, or members for any right or claim
      existing or any liability incurred prior to such dissolution if an
      action or other proceeding to enforce the right or claim is commenced
      within two years after the date of filing of a certificate or decree
      of dissolution with the county recorder in the county in which the
      state credit union has its principal place of business.
         b.  Any such action or proceeding by or against the state
      credit union may be prosecuted or defended by the state credit union
      in its corporate name.
         c.  The members, directors, and officers shall have power to
      take such corporate or other action as shall be appropriate to
      protect such remedy, right, or claim.  

         2007 Acts, ch 174, §65
         Referred to in § 12C.23, 533.314