Virginia Code 6.2-933: Distribution of assets.
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A. All claims against the bank‘s estate, proved to the satisfaction of the FDIC as receiver or approved by the receivership court, shall be paid in the following order:
Terms Used In Virginia Code 6.2-933
- Bank: means any bank or trust company organized under the laws of the Commonwealth. See Virginia Code 6.2-925
- FDIC: means the Federal Deposit Insurance Corporation. See Virginia Code 6.2-800
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Receivership court: means the circuit court that appoints a receiver for a bank pursuant to this article. See Virginia Code 6.2-925
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
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.
B. No interest on any claim shall be paid until all claims within the same class have received the full principal amount of claim.
1983, c. 507, § 6.1-110.9; 2010, c. 794.