Okla. Stat. tit. 18, § 18-381.76

A. In liquidating an association, the State Banking

Commissioner may exercise any power of such association, but shall

not, without the approval of the district court where notice of

possession was filed:

1. Sell any asset of the association having a value in excess

of Five Hundred Dollars ($500.00) or such larger sum as may be

determined by the court, but not exceeding One Hundred Thousand

Dollars ($100,000.00);

2. Compromise or release any claim exceeding Five Hundred

Dollars ($500.00), exclusive of interest or such larger sum as may

be determined by the court, but not exceeding One Hundred Thousand

Dollars ($100,000.00); or

3. Make any payment on any claim, other than a claim upon an

obligation incurred by the Commissioner, before preparing and filing

a schedule of determinations in accordance with subsection H of this

section.

B. 1. The Commissioner may lease for oil and/or gas purposes

any land vested in the Commissioner as assets of an insolvent

association.

2. In making or executing any such lease the Commissioner shall

retain and reserve a royalty of not less than one-eighth (1/8) of

the oil and/or gas produced from said land. Said lease shall be

made in the same manner as provided for by law for the sale of other

assets of state-chartered associations in the possession of the

Commissioner.

C. Within six (6) months after the commencement of liquidation

proceedings, the Commissioner may terminate any executory contract,

including but not limited to contracts for services or advertising,

to which the association is a party or any obligation of the

association as a lessee. A lessor who receives at least sixty (60)

days' notice of the Commissioner's decision to terminate the lease

shall not be entitled to a claim for rent other than rent accrued to

the date of termination nor for damages for such termination, except

that on building or association premises the lessor may receive

damages not exceeding one (1) year's rent as provided in such lease.

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D. As soon after the commencement of liquidation as is

practicable, the Commissioner shall take the necessary steps to

terminate all fiduciary positions held by the association and take

such action as may be necessary to surrender all property held by

the association as a fiduciary and to settle its fiduciary accounts.

The Commissioner may transfer such fiduciary accounts to another

qualified corporate fiduciary in the same community without assent

of the parties. Notice of such transfer shall be given by

registered mail to the parties, and the manner of succession of

trust powers and successor trustees shall be in accordance with the

procedure provided in Section 1018 of Title 6 of the Oklahoma

Statutes.

E. The right of any agency of the United States insuring

deposits to be subrogated to the rights of depositors upon payment

of their claims shall not be less extensive than what the law of the

United States requires as a condition of the authority to issue such

insurance or make such payments to depositors of federal

associations.

F. Within ten (10) days after taking possession, the

Commissioner shall send notice of the liquidation to each known

depositor, creditor, lessee of a safe deposit box, and bailor of

property held by the association, at the address shown on the books

of the association. The notice shall also be published in a

newspaper of general circulation in the county in which the main

office of the association is located once a week for three (3)

successive weeks. The Commissioner shall send with each notice a

statement of the amount shown on the books of the association to be

the claim of the depositor or creditor, with all setoffs and any

amounts due to the association. The notice shall demand that

property held by the association as bailee or in a safe deposit box

be withdrawn by the person entitled thereto and, if the amount
(3)

successive weeks. The Commissioner shall send with each notice a

statement of the amount shown on the books of the association to be

the claim of the depositor or creditor, with all setoffs and any

amounts due to the association. The notice shall demand that

property held by the association as bailee or in a safe deposit box

be withdrawn by the person entitled thereto and, if the amount

claimed differs from that stated in the statement to be due, that

the depositor or creditor file a claim with the Commissioner within

sixty (60) days from the date of the first publication of the notice

of the liquidation given by the Commissioner, in accordance with the

procedure prescribed in the notice. The failure of any depositor,

creditor or claimant to receive a notice, or observe the published

notice of the liquidation by the Commissioner, shall not relieve

such claimant of the obligation to file a claim, if the amount

thereof differs from the amount found by the Commissioner. If no

claim is filed by the claimant within the time specified, then the

determination of the Commissioner shall be final and shall

constitute the claim of that claimant.

G. Safe deposit boxes, the contents of which have not been

removed within sixty (60) days from the date of first publication of

the notice of liquidation, shall be opened by the Commissioner.

Sealed packages containing the contents of such box, with a

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certificate of inventory of contents, together with any unclaimed

property held by the association as bailee and certified inventories

thereof, shall be held by the Commissioner and administered in

accordance with the provisions of the Uniform Unclaimed Property

Act.

H. The Commissioner shall:

1. Notify each person whose claim has not been allowed in full,

by mailing to the last-known address of such person, as shown on the

records of the association, a notice of the time when and the place

where the schedule of determinations will be available for

inspection and the date when the Commissioner shall file the

schedule in court;

2. As soon as practical and within one hundred twenty (120)

days from the date of first publication of the notice of

liquidation, determine the amount, if any, owing to each known

creditor or depositor and the priority class of such claim under

subsection K of this section, and file such determination in the

district court where notice of possession was filed; and

3. As soon as practical and within sixty (60) days from the

date of filing, reject any claim if the Commissioner doubts the

validity thereof.

I. Within twenty (20) days after the filing of the schedule of

determinations, any creditor, depositor or stockholder may file an

objection to any determination which adversely affects such

creditor, depositor or stockholder. Objections so filed shall be

heard and determined by the court. The clerk of such district court

shall enter the objection upon the court docket under the case

number assigned to the liquidation proceedings. The Commissioner

and interested claimants as the court determines shall be notified

of such objection not less than ten (10) days prior to the hearing

on such objection. The matter shall be tried de novo. No person

having a claim against an insolvent association shall maintain

action thereon except as herein provided.

J. After filing the schedule of determinations and establishing

proper reserves for the payment of costs, expenses of liquidation

and disputed claims, the Commissioner shall pay to any agency of the

United States insuring deposits in the insolvent association such

sum as may be then available but not exceeding the amount paid out

by such agency as such an insurer of deposits and accounts. The

Commissioner from time to time may also make partial distribution to

the holders of claims which are undisputed or which have been
nd disputed claims, the Commissioner shall pay to any agency of the

United States insuring deposits in the insolvent association such

sum as may be then available but not exceeding the amount paid out

by such agency as such an insurer of deposits and accounts. The

Commissioner from time to time may also make partial distribution to

the holders of claims which are undisputed or which have been

allowed by the district court, in the order of their priority as

provided in subsection K of this section. The district court

supervising the liquidation, as soon as practicable after the

establishment of an adequate and proper reserve for payment of

disputed claims, costs and expenses of liquidation, shall direct the

Commissioner to make a substantial partial pro rata distribution

Oklahoma Statutes - Title 18. Corporations Page 94

that will not interfere with orderly liquidation, to the holders of

undisputed claims and those allowed by the court in the order of

their priority, to the extent that there remains only the

determination and settlement of disputed claims and the procedures

of the final accounting and final distribution to be made by the

Commissioner as provided in this section.

K. 1. The following claims shall have priority in the order

specified:

a. obligations incurred by the Commissioner, fees and

assessments due to the Oklahoma State Banking

Department, and all expenses of liquidation, all of

which may be covered by a proper reserve of funds,

b. approved claims of depositors against the general

liquidating account of the association,

c. approved claims of general creditors against the

general liquidating account of the association,

d. claims otherwise proper which were not filed within

the time prescribed by subsection F of this section,

and

e. claims of stockholders of the association.

2. No claim shall be entitled to interest thereon if it is paid

within six (6) months after the first publication of notice of the

liquidation by the Commissioner. If the claim is paid after such

period, then the unpaid balance of the claim shall be credited with

interest at the rate of six percent (6%) per annum for the

expiration of the six (6) months until paid or finally canceled by

exhaustion of all assets.

3. All distribution declared in accordance with subsection J of

this section, which shall not be claimed within one (1) year, shall

be canceled upon the order of the district court having jurisdiction

of the liquidation of such insolvent association, and the proceeds

thereof returned to the general liquidating account of the insolvent

association. Provided, that notice of the application of the

Commissioner to the district court for permission to cancel such

unclaimed distributions shall be given by publication for two (2)

successive weeks in a newspaper of general circulation in the county

where the main office of the insolvent association is located. The

notice shall describe the unclaimed distributions sought to be

canceled, giving the name and location of the insolvent association,

the name of the payee and the amount and shall recite the

Commissioner has filed an application in the designated district

court for cancellation of such distributions and shall refer to the

application for further particulars.

4. Any assets remaining after all partial distributions, after

all claims have been paid, or ample provisions for reserves are made

for payment thereof by the court, shall be distributed to the

stockholders in accordance with their respective interests.

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L. Unclaimed funds, other than unclaimed distributions,

remaining after completion of the liquidation shall be retained by

the Commissioner and administered in accordance with the Uniform

Unclaimed Property Act.

M. 1. During the liquidation procedure, the Commissioner and

the agents and employees of the Commissioner shall prepare an annual
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L. Unclaimed funds, other than unclaimed distributions,

remaining after completion of the liquidation shall be retained by

the Commissioner and administered in accordance with the Uniform

Unclaimed Property Act.

M. 1. During the liquidation procedure, the Commissioner and

the agents and employees of the Commissioner shall prepare an annual

report that details all receipts and disbursements made from assets

in the possession of the Commissioner. A copy of the annual report

shall be filed with the district court of the county where the

notice of taking possession was filed and a hearing shall be held

thereon. Interested parties and the board of directors of the

insolvent association shall be given such notice of the hearing as

the court directs and shall make such objections as they shall

desire to the account. The failure to object at a hearing shall not

prejudice the right of any claimant or interested party to object to

items of expense and proceedings in the liquidation upon the final

account.

2. When the assets have been distributed in accordance with

this section, except unclaimed funds and contents of safe deposit

boxes held by the Commissioner, the Commissioner shall file a final

account with the court. Notice of hearing upon the final account

shall be given, of not less than ten (10) days nor more than thirty

(30) days prior to the date of the hearing, by registered or

certified mail, to all interested persons and to the board of

directors of the insolvent association and the notice shall be

published for two (2) successive weeks in some newspaper of general

circulation published in the county where the association is

located, showing the nature of the hearing, the date and time of the

hearing and that such account is for final settlement of the

liquidating account of such insolvent association.

3. The final account shall reflect all the acts of the

Commissioner as supported by annual reports and such necessary items

to support the account, including distribution of such remaining

cash to the stockholders in accordance with their interests and all

other assets to the board of directors of the association as

liquidating agents for the stockholders under the Oklahoma General

Corporation Act.

4. The court shall hear all matters relating to the final

account; allow, reduce or reject any item of expense; and determine

all matters before it. Any person aggrieved by the judgment of the

court may appeal as in any other civil action.

5. Upon approval of the final account by the court, the

Commissioner shall be relieved of liability in connection with the

liquidation and shall cancel the charter upon the records of the

Department.

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