§878. Involuntary dissolution; distribution of assets
A. At any time after the date fixed in the notice for the presentation of claims, the commissioner may make distributions to members or stockholders out of the assets in his hands, after paying all expenses and fees authorized in R.S. 6:877, of cash or of other assets or of shares or stock of other corporations acquired through mergers, consolidations, or in any other way.
B. All claims against the assets of an association whose deposits are insured by an agency of the federal government, proved to the receiver's satisfaction or approved by the receivership court, shall be paid in the following order:
(1) Administration expenses of the liquidation.
(2) Deposit obligations and member share accounts.
(3) Other general liabilities.
(4) Debt subordinated to the claims of depositors and general creditors.
(5) Equity capital securities.
C. No interest on any claim shall be paid until all claims within the same class have received the full principal amount of the claim.
Acts 1970, No. 234, §1; Acts 1983, No. 675, §1; Acts 1989 1st Ex. Sess., No. 13, §1, eff. March 13, 1989.
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