N.D. Cent. Code § 6-07.1-21

6-07.1-21. Filing claims

A person who has a claim against the estate of a state trust company in liquidation must file

proof of claim pursuant to rules adopted by the state banking board. The priority of disposition of

assets from the estate of a state trust company must be in accordance with the order of each

class as provided by this section. Every claim in each class must be paid in full, or adequate

funds must be retained for that payment, before the members of the next class receive any

payment. A subclass may not be established within a class, except for a preference or

subordination within a class expressly created by contract or other instrument in the articles of

association. Assets must be distributed in the following order of priority: administrative

expenses; approved claims of secured trust deposits; approved claims of secured creditors;

approved claims by beneficiaries insufficient to satisfy all fiduciary claims to commingled

fiduciary funds or missing fiduciary property and approved claims of clients of the state trust

company; other approved claims of general creditors not falling within a higher priority under this

section; approved claims of a type described above that were not filed within the period

prescribed; and claims of capital note or debenture holders or holders of similar obligations and

proprietary claims of shareholders, participants, or other owners accorded the terms established

by issue, class, or series. After completion of the liquidation, any unclaimed property remaining

in the hands of the receiver must be considered abandoned property.