As soon as reasonably practicable after initiation of the receivership proceeding,
the receiver shall publish notice, in a newspaper of general circulation in each community
where the state trust company's home office and a branch are located. The notice must state that the state trust company has been closed for liquidation,
that creditors and clients must present their claims for payment on or before a specific
date, and that all safe deposit boxholders and bailors of property left with the state
trust company should remove their property not later than a specified date. The receiver shall select the dates to allow the affairs of the state trust company
to be wound up as quickly as feasible while allowing creditors, clients, and owners
of property adequate time for presentation of claims, withdrawal of accounts, and
redemption of property, but may not select a date before one hundred twenty days after
the date of the notice. The receiver may adjust the dates with the approval of the court with or without
republication if additional time appears needed for these activities. As soon as reasonably practicable given the state trust company records and the
adequacy of staffing, the receiver shall mail to each of the state trust company's
known clients, creditors, safe deposit boxholders, and bailors of property left for
the state trust company, at the mailing address shown on the state trust company records,
an individual notice containing the information required in this section. The receiver may determine the form and content notices under this section.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.