9-1906.Receiver to take charge of assets; order of payment.
(a) A receiver appointed pursuant to K.S.A. 9-1905 and amendments
thereto, under the direction of the commissioner, shall take charge
of any insolvent or critically undercapitalized bank or trust company and
all of its assets and property,
and liquidate the affairs and business thereof for the benefit of its
depositors, creditors and stockholders. The receiver may sell or
compound all bad and doubtful debts and sell all the property of
the bank or trust company upon such terms as the district court of the
county where the bank or trust company is located shall approve. The receiver
shall pay over all moneys received to the creditors and depositors of such
bank or trust company as ordered by the commissioner.
(b) In distributing assets of the insolvent or critically
undercapitalized bank or trust company
in
payment of its liabilities, the order of payment, in the event its assets
are insufficient to pay in full all of its liabilities, shall be by category
as follows:
(1) The costs and expenses of the receivership and
real and personal property taxes assessed against the bank
pursuant to applicable law;
(2) claims which are secured or given priority by applicable law;
(3) claims of unsecured depositors;
(4) all other claims exclusive of claims on capital notes and debentures;
(5) claims on capital notes and debentures.
Should the assets be insufficient for the payment in full of all claims
within a category, such claims shall be paid in the order provided by other
applicable law or, in the absence of such applicable law, pro rata.
History: L. 1947, ch. 102, § 114;
L. 1985, ch. 59, § 1;
L. 1988, ch. 63, § 1;
L. 1993, ch. 7, § 6; March 18.
9-1906.Receiver to take charge of assets; order of payment.
(a) A receiver appointed pursuant to K.S.A. 9-1905 and amendments
thereto, under the direction of the commissioner, shall take charge
of any insolvent or critically undercapitalized bank or trust company and
all of its assets and property,
and liquidate the affairs and business thereof for the benefit of its
depositors, creditors and stockholders. The receiver may sell or
compound all bad and doubtful debts and sell all the property of
the bank or trust company upon such terms as the district court of the
county where the bank or trust company is located shall approve. The receiver
shall pay over all moneys received to the creditors and depositors of such
bank or trust company as ordered by the commissioner.
(b) In distributing assets of the insolvent or critically
undercapitalized bank or trust company
in
payment of its liabilities, the order of payment, in the event its assets
are insufficient to pay in full all of its liabilities, shall be by category
as follows:
(1) The costs and expenses of the receivership and
real and personal property taxes assessed against the bank
pursuant to applicable law;
(2) claims which are secured or given priority by applicable law;
(3) claims of unsecured depositors;
(4) all other claims exclusive of claims on capital notes and debentures;
(5) claims on capital notes and debentures.
Should the assets be insufficient for the payment in full of all claims
within a category, such claims shall be paid in the order provided by other
applicable law or, in the absence of such applicable law, pro rata.
History: L. 1947, ch. 102, § 114;
L. 1985, ch. 59, § 1;
L. 1988, ch. 63, § 1;
L. 1993, ch. 7, § 6; March 18.
9-1906.Receiver to take charge of assets; order of payment.
(a) A receiver appointed pursuant to K.S.A. 9-1905 and amendments
thereto, under the direction of the commissioner, shall take charge
of any insolvent or critically undercapitalized bank or trust company and
all of its assets and property,
and liquidate the affairs and business thereof for the benefit of its
depositors, creditors and stockholders. The receiver may sell or
compound all bad and doubtful debts and sell all the property of
the bank or trust company upon such terms as the district court of the
county where the bank or trust company is located shall approve. The receiver
shall pay over all moneys received to the creditors and depositors of such
bank or trust company as ordered by the commissioner.
(b) In distributing assets of the insolvent or critically
undercapitalized bank or trust company
in
payment of its liabilities, the order of payment, in the event its assets
are insufficient to pay in full all of its liabilities, shall be by category
as follows:
(1) The costs and expenses of the receivership and
real and personal property taxes assessed against the bank
pursuant to applicable law;
(2) claims which are secured or given priority by applicable law;
(3) claims of unsecured depositors;
(4) all other claims exclusive of claims on capital notes and debentures;
(5) claims on capital notes and debentures.
Should the assets be insufficient for the payment in full of all claims
within a category, such claims shall be paid in the order provided by other
applicable law or, in the absence of such applicable law, pro rata.
History: L. 1947, ch. 102, § 114;
L. 1985, ch. 59, § 1;
L. 1988, ch. 63, § 1;
L. 1993, ch. 7, § 6; March 18.