Iowa Code Title XIII. Commerce [Chs. 505-554D] § 524.1308B. Unknown claims against dissolved state bank
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1. A dissolved state bank may publish notice of its dissolution and request that persons with claims against the state bank present them in accordance with the notice.
2. The notice made pursuant to this section must satisfy all of the following requirements:
a. Be published in accordance with all of the following:
(1) One time in a newspaper of general circulation in the county where the dissolved state bank's principal office is or was located.
(2) Be posted conspicuously for at least thirty days on the dissolved state bank's internet site.
b. Include a description of the information that must be included in a claim and provide a mailing address where the claim may be sent.
c. Include a statement that a claim against the state bank will be barred unless a proceeding to enforce the claim is commenced within two years after the publication of the notice.
3. If the dissolved state bank publishes a newspaper notice pursuant to subsection 2, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved state bank within two years after the publication date of the newspaper notice:
a. A claimant who did not receive written notice under section 524.1308A.
b. A claimant whose claim was timely sent to the dissolved state bank but not acted on.
c. A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
4. A claim may be enforced under this section as follows:
a. Against the dissolved state bank, to the extent of its undistributed assets.
b. If the assets have been distributed in liquidation, against a shareholder of the dissolved state bank to the extent of the shareholder's pro rata share of the claim or the state bank's assets distributed to the shareholder in liquidation, whichever is less, but a shareholder's total liability for all claims under this section shall not exceed the total amount of assets distributed to the shareholder in liquidation.
Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 524.1308B. Unknown claims against dissolved state bank - last updated January 01, 2020 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-524-1308b.html
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