New Hampshire Revised Statutes 395:19 – Payment of Secured Claims and Dividends
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At any time after the expiration of the date fixed for the presentation of claims, upon application of the commissioner, the court may authorize:
I. Any person who holds a perfected security interest or a mortgage lien in assets of the insolvent or closed New Hampshire depository institution, which security interest or mortgage lien was granted to the person by such institution pursuant to a written contract or agreement as security for the payment of a debt or obligation deemed to be valid by the commissioner to:
(a) Dispose of or foreclose its mortgage lien on the collateral pursuant to applicable law;
(b) Satisfy such debt or obligation from the proceeds thereof;
(c) Pay the balance of the proceeds, if any, to the commissioner; and
(d) Provide a full account to the commissioner for all actions taken in connection with the disposition of or foreclosure of its mortgage lien on the collateral; and
II. The commissioner to declare out of the funds remaining in his hands, one or more dividends, such dividends to be paid to such persons, in such amounts, and upon such notice, as may be directed by the court. All dividends payable under this paragraph shall be paid in accordance with the priority established under N.H. Rev. Stat. § 395:30.
I. Any person who holds a perfected security interest or a mortgage lien in assets of the insolvent or closed New Hampshire depository institution, which security interest or mortgage lien was granted to the person by such institution pursuant to a written contract or agreement as security for the payment of a debt or obligation deemed to be valid by the commissioner to:
Terms Used In New Hampshire Revised Statutes 395:19
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
(a) Dispose of or foreclose its mortgage lien on the collateral pursuant to applicable law;
(b) Satisfy such debt or obligation from the proceeds thereof;
(c) Pay the balance of the proceeds, if any, to the commissioner; and
(d) Provide a full account to the commissioner for all actions taken in connection with the disposition of or foreclosure of its mortgage lien on the collateral; and
II. The commissioner to declare out of the funds remaining in his hands, one or more dividends, such dividends to be paid to such persons, in such amounts, and upon such notice, as may be directed by the court. All dividends payable under this paragraph shall be paid in accordance with the priority established under N.H. Rev. Stat. § 395:30.