6.1-110.9 - (Repealed effective October 1, 2010) Distribution of assets. - Virginia Statutes

§ 6.1-110.9. (Repealed effective October 1, 2010) Distribution of assets.

All claims against the bank's estate, proved to the receiver's satisfactionor approved by the receivership court, shall be paid in the following order:

1. Administration expenses of the liquidation;

2. Claims given priority under other provisions of state or federal law;

3. Deposit obligations;

4. Other general liabilities;

5. Debt subordinated to the claims of depositors and general creditors; and

6. Equity capital securities.

No interest on any claim shall be paid until all claims within the same classhave received the full principal amount of claim.

(1983, c. 507.)