{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.76","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.76","heading":"Liquidation by Commissioner","body":"A. In liquidating an association, the State Banking\n\nCommissioner may exercise any power of such association, but shall\n\nnot, without the approval of the district court where notice of\n\npossession was filed:\n\n1. Sell any asset of the association having a value in excess\n\nof Five Hundred Dollars ($500.00) or such larger sum as may be\n\ndetermined by the court, but not exceeding One Hundred Thousand\n\nDollars ($100,000.00);\n\n2. Compromise or release any claim exceeding Five Hundred\n\nDollars ($500.00), exclusive of interest or such larger sum as may\n\nbe determined by the court, but not exceeding One Hundred Thousand\n\nDollars ($100,000.00); or\n\n3. Make any payment on any claim, other than a claim upon an\n\nobligation incurred by the Commissioner, before preparing and filing\n\na schedule of determinations in accordance with subsection H of this\n\nsection.\n\nB. 1. The Commissioner may lease for oil and/or gas purposes\n\nany land vested in the Commissioner as assets of an insolvent\n\nassociation.\n\n2. In making or executing any such lease the Commissioner shall\n\nretain and reserve a royalty of not less than one-eighth (1/8) of\n\nthe oil and/or gas produced from said land. Said lease shall be\n\nmade in the same manner as provided for by law for the sale of other\n\nassets of state-chartered associations in the possession of the\n\nCommissioner.\n\nC. Within six (6) months after the commencement of liquidation\n\nproceedings, the Commissioner may terminate any executory contract,\n\nincluding but not limited to contracts for services or advertising,\n\nto which the association is a party or any obligation of the\n\nassociation as a lessee. A lessor who receives at least sixty (60)\n\ndays' notice of the Commissioner's decision to terminate the lease\n\nshall not be entitled to a claim for rent other than rent accrued to\n\nthe date of termination nor for damages for such termination, except\n\nthat on building or association premises the lessor may receive\n\ndamages not exceeding one (1) year's rent as provided in such lease.\n\nD. As soon after the commencement of liquidation as is\n\npracticable, the Commissioner shall take the necessary steps to\n\nterminate all fiduciary positions held by the association and take\n\nsuch action as may be necessary to surrender all property held by\n\nthe association as a fiduciary and to settle its fiduciary accounts.\n\nThe Commissioner may transfer such fiduciary accounts to another\n\nqualified corporate fiduciary in the same community without assent\n\nof the parties. Notice of such transfer shall be given by\n\nregistered mail to the parties, and the manner of succession of\n\ntrust powers and successor trustees shall be in accordance with the\n\nprocedure provided in Section 1018 of Title 6 of the Oklahoma\n\nStatutes.\n\nE. The right of any agency of the United States insuring\n\ndeposits to be subrogated to the rights of depositors upon payment\n\nof their claims shall not be less extensive than what the law of the\n\nUnited States requires as a condition of the authority to issue such\n\ninsurance or make such payments to depositors of federal\n\nassociations.\n\nF. Within ten (10) days after taking possession, the\n\nCommissioner shall send notice of the liquidation to each known\n\ndepositor, creditor, lessee of a safe deposit box, and bailor of\n\nproperty held by the association, at the address shown on the books\n\nof the association. The notice shall also be published in a\n\nnewspaper of general circulation in the county in which the main\n\noffice of the association is located once a week for three (3)\n\nsuccessive weeks. The Commissioner shall send with each notice a\n\nstatement of the amount shown on the books of the association to be\n\nthe claim of the depositor or creditor, with all setoffs and any\n\namounts due to the association. The notice shall demand that\n\nproperty held by the association as bailee or in a safe deposit box\n\nbe withdrawn by the person entitled thereto and, if the amount\n(3)\n\nsuccessive weeks. The Commissioner shall send with each notice a\n\nstatement of the amount shown on the books of the association to be\n\nthe claim of the depositor or creditor, with all setoffs and any\n\namounts due to the association. The notice shall demand that\n\nproperty held by the association as bailee or in a safe deposit box\n\nbe withdrawn by the person entitled thereto and, if the amount\n\nclaimed differs from that stated in the statement to be due, that\n\nthe depositor or creditor file a claim with the Commissioner within\n\nsixty (60) days from the date of the first publication of the notice\n\nof the liquidation given by the Commissioner, in accordance with the\n\nprocedure prescribed in the notice. The failure of any depositor,\n\ncreditor or claimant to receive a notice, or observe the published\n\nnotice of the liquidation by the Commissioner, shall not relieve\n\nsuch claimant of the obligation to file a claim, if the amount\n\nthereof differs from the amount found by the Commissioner. If no\n\nclaim is filed by the claimant within the time specified, then the\n\ndetermination of the Commissioner shall be final and shall\n\nconstitute the claim of that claimant.\n\nG. Safe deposit boxes, the contents of which have not been\n\nremoved within sixty (60) days from the date of first publication of\n\nthe notice of liquidation, shall be opened by the Commissioner.\n\nSealed packages containing the contents of such box, with a\n\ncertificate of inventory of contents, together with any unclaimed\n\nproperty held by the association as bailee and certified inventories\n\nthereof, shall be held by the Commissioner and administered in\n\naccordance with the provisions of the Uniform Unclaimed Property\n\nAct.\n\nH. The Commissioner shall:\n\n1. Notify each person whose claim has not been allowed in full,\n\nby mailing to the last-known address of such person, as shown on the\n\nrecords of the association, a notice of the time when and the place\n\nwhere the schedule of determinations will be available for\n\ninspection and the date when the Commissioner shall file the\n\nschedule in court;\n\n2. As soon as practical and within one hundred twenty (120)\n\ndays from the date of first publication of the notice of\n\nliquidation, determine the amount, if any, owing to each known\n\ncreditor or depositor and the priority class of such claim under\n\nsubsection K of this section, and file such determination in the\n\ndistrict court where notice of possession was filed; and\n\n3. As soon as practical and within sixty (60) days from the\n\ndate of filing, reject any claim if the Commissioner doubts the\n\nvalidity thereof.\n\nI. Within twenty (20) days after the filing of the schedule of\n\ndeterminations, any creditor, depositor or stockholder may file an\n\nobjection to any determination which adversely affects such\n\ncreditor, depositor or stockholder. Objections so filed shall be\n\nheard and determined by the court. The clerk of such district court\n\nshall enter the objection upon the court docket under the case\n\nnumber assigned to the liquidation proceedings. The Commissioner\n\nand interested claimants as the court determines shall be notified\n\nof such objection not less than ten (10) days prior to the hearing\n\non such objection. The matter shall be tried de novo. No person\n\nhaving a claim against an insolvent association shall maintain\n\naction thereon except as herein provided.\n\nJ. After filing the schedule of determinations and establishing\n\nproper reserves for the payment of costs, expenses of liquidation\n\nand disputed claims, the Commissioner shall pay to any agency of the\n\nUnited States insuring deposits in the insolvent association such\n\nsum as may be then available but not exceeding the amount paid out\n\nby such agency as such an insurer of deposits and accounts. The\n\nCommissioner from time to time may also make partial distribution to\n\nthe holders of claims which are undisputed or which have been\nnd disputed claims, the Commissioner shall pay to any agency of the\n\nUnited States insuring deposits in the insolvent association such\n\nsum as may be then available but not exceeding the amount paid out\n\nby such agency as such an insurer of deposits and accounts. The\n\nCommissioner from time to time may also make partial distribution to\n\nthe holders of claims which are undisputed or which have been\n\nallowed by the district court, in the order of their priority as\n\nprovided in subsection K of this section. The district court\n\nsupervising the liquidation, as soon as practicable after the\n\nestablishment of an adequate and proper reserve for payment of\n\ndisputed claims, costs and expenses of liquidation, shall direct the\n\nCommissioner to make a substantial partial pro rata distribution\n\nthat will not interfere with orderly liquidation, to the holders of\n\nundisputed claims and those allowed by the court in the order of\n\ntheir priority, to the extent that there remains only the\n\ndetermination and settlement of disputed claims and the procedures\n\nof the final accounting and final distribution to be made by the\n\nCommissioner as provided in this section.\n\nK. 1. The following claims shall have priority in the order\n\nspecified:\n\na. obligations incurred by the Commissioner, fees and\n\nassessments due to the Oklahoma State Banking\n\nDepartment, and all expenses of liquidation, all of\n\nwhich may be covered by a proper reserve of funds,\n\nb. approved claims of depositors against the general\n\nliquidating account of the association,\n\nc. approved claims of general creditors against the\n\ngeneral liquidating account of the association,\n\nd. claims otherwise proper which were not filed within\n\nthe time prescribed by subsection F of this section,\n\nand\n\ne. claims of stockholders of the association.\n\n2. No claim shall be entitled to interest thereon if it is paid\n\nwithin six (6) months after the first publication of notice of the\n\nliquidation by the Commissioner. If the claim is paid after such\n\nperiod, then the unpaid balance of the claim shall be credited with\n\ninterest at the rate of six percent (6%) per annum for the\n\nexpiration of the six (6) months until paid or finally canceled by\n\nexhaustion of all assets.\n\n3. All distribution declared in accordance with subsection J of\n\nthis section, which shall not be claimed within one (1) year, shall\n\nbe canceled upon the order of the district court having jurisdiction\n\nof the liquidation of such insolvent association, and the proceeds\n\nthereof returned to the general liquidating account of the insolvent\n\nassociation. Provided, that notice of the application of the\n\nCommissioner to the district court for permission to cancel such\n\nunclaimed distributions shall be given by publication for two (2)\n\nsuccessive weeks in a newspaper of general circulation in the county\n\nwhere the main office of the insolvent association is located. The\n\nnotice shall describe the unclaimed distributions sought to be\n\ncanceled, giving the name and location of the insolvent association,\n\nthe name of the payee and the amount and shall recite the\n\nCommissioner has filed an application in the designated district\n\ncourt for cancellation of such distributions and shall refer to the\n\napplication for further particulars.\n\n4. Any assets remaining after all partial distributions, after\n\nall claims have been paid, or ample provisions for reserves are made\n\nfor payment thereof by the court, shall be distributed to the\n\nstockholders in accordance with their respective interests.\n\nL. Unclaimed funds, other than unclaimed distributions,\n\nremaining after completion of the liquidation shall be retained by\n\nthe Commissioner and administered in accordance with the Uniform\n\nUnclaimed Property Act.\n\nM. 1. During the liquidation procedure, the Commissioner and\n\nthe agents and employees of the Commissioner shall prepare an annual\n\nL. Unclaimed funds, other than unclaimed distributions,\n\nremaining after completion of the liquidation shall be retained by\n\nthe Commissioner and administered in accordance with the Uniform\n\nUnclaimed Property Act.\n\nM. 1. During the liquidation procedure, the Commissioner and\n\nthe agents and employees of the Commissioner shall prepare an annual\n\nreport that details all receipts and disbursements made from assets\n\nin the possession of the Commissioner. A copy of the annual report\n\nshall be filed with the district court of the county where the\n\nnotice of taking possession was filed and a hearing shall be held\n\nthereon. Interested parties and the board of directors of the\n\ninsolvent association shall be given such notice of the hearing as\n\nthe court directs and shall make such objections as they shall\n\ndesire to the account. The failure to object at a hearing shall not\n\nprejudice the right of any claimant or interested party to object to\n\nitems of expense and proceedings in the liquidation upon the final\n\naccount.\n\n2. When the assets have been distributed in accordance with\n\nthis section, except unclaimed funds and contents of safe deposit\n\nboxes held by the Commissioner, the Commissioner shall file a final\n\naccount with the court. Notice of hearing upon the final account\n\nshall be given, of not less than ten (10) days nor more than thirty\n\n(30) days prior to the date of the hearing, by registered or\n\ncertified mail, to all interested persons and to the board of\n\ndirectors of the insolvent association and the notice shall be\n\npublished for two (2) successive weeks in some newspaper of general\n\ncirculation published in the county where the association is\n\nlocated, showing the nature of the hearing, the date and time of the\n\nhearing and that such account is for final settlement of the\n\nliquidating account of such insolvent association.\n\n3. The final account shall reflect all the acts of the\n\nCommissioner as supported by annual reports and such necessary items\n\nto support the account, including distribution of such remaining\n\ncash to the stockholders in accordance with their interests and all\n\nother assets to the board of directors of the association as\n\nliquidating agents for the stockholders under the Oklahoma General\n\nCorporation Act.\n\n4. The court shall hear all matters relating to the final\n\naccount; allow, reduce or reject any item of expense; and determine\n\nall matters before it. Any person aggrieved by the judgment of the\n\ncourt may appeal as in any other civil action.\n\n5. Upon approval of the final account by the court, the\n\nCommissioner shall be relieved of liability in connection with the\n\nliquidation and shall cancel the charter upon the records of the\n\nDepartment.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a7c982ef168300f7a7efd30b27cbc8ab5f753c0f40b1ff8c9f6e1c580816e018","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.75","next":"us-ok/okla.-stat.-tit.-18-18-381.77"},"notice":"GroundRules: Original legal text. Not legal advice."}