§ 53-389. Declaration of dividends; order of preference in distribution. - North Carolina Statutes

§ 53‑389.  Declarationof dividends; order of preference in distribution.

(a)        At any time afterthe expiration of the date fixed by the Commissioner for the presentation ofclaims against the State trust company, and from time to time thereafter, theCommissioner may declare and pay dividends to the creditors and shareholders ofthe State trust company. In paying and calculating dividends, all disputedclaims shall be taken into account, but no dividend shall be paid upon thedisputed claims until the claims have been finally determined. The followingshall be the order of preference in the distribution of the assets of any Statetrust company liquidated hereunder:

(1)        State, county, andfederal taxes owed and fees due the Commissioner other than those due under theprovisions of this Subpart;

(2)        Wages and salariesdue officers and employees of the State trust company for a period of not morethan four months;

(3)        Expenses ofliquidation, including those described in G.S. 53‑391 and G.S. 53‑395;

(4)        Amounts duecreditors, honoring the priorities of valid security interests and subject toorders of the court concerning disputes among creditors;

(5)        Amounts dueshareholders.

(b)        A statement of alldividends paid shall be filed in the office of the clerk of the superior courtof the county in which the action is pending, and the statements shall show theexpenses deducted and the disputed claims in determining dividends. (2001‑263, s. 1.)