Okla. Stat. tit. 6, § 6-1204

A. Sale of assets - Compromise and payment of claims. In

liquidating a state bank the Commissioner may exercise any power

thereof but he shall not, without the approval of the court in which

notice of possession has been filed:

(1) Sell any asset of the bank having a value in excess of Five

Hundred Dollars ($500.00) or such larger sum as may be determined by

the court not exceeding One Hundred Thousand Dollars ($100,000.00);

(2) Compromise or release any claim if the amount of the claim

exceeds Five Hundred Dollars ($500.00), exclusive of interest or

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such larger sum as may be determined by the court not exceeding One

Hundred Thousand Dollars ($100,000.00); and

(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 his determinations in accordance with this title.

B. Lease of lands for oil and gas - Royalty - Manner of making

lease - Dispensing with notice. The Commissioner is hereby

authorized and empowered to lease for oil and/or gas purposes any

land vested in the Commissioner as assets of insolvent state banks.

In making or executing any such lease the Commissioner shall

retain and reserve a royalty of not less than one-eighth of the oil

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

same manner as now provided for the sale of other assets of state

banks in the possession of the Commissioner.

C. Termination of bank's executory contracts. Within six (6)

months of the commencement of liquidation, the Commissioner may by

his election terminate any executory contract, including but not

limited to contracts for services or advertising, to which the state

bank is a party or any obligation of the bank as a lessee. A lessor

who receives at least sixty (60) days' notice of the Commissioner's

election to terminate the lease shall have no claim for rent other

than rent accrued to the date of termination nor for damages for

such termination, except on building or bank premises the lessor may

receive damages not to exceed one (1) year's rent as provided in

such lease.

D. Termination of banks' fiduciary positions. 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 state bank and take such action as may be necessary to

surrender all property held by the bank as a fiduciary and to settle

its fiduciary accounts. Such fiduciary accounts may be transferred

to another qualified corporate fiduciary in the same community by

the Commissioner without assent of the parties, and notice of such

transfer must be given by registered mail to the parties, and the

manner of succession of trust powers and successor trustees shall

follow the same procedure as set out in Section 1018 of this title.

E. Subrogation of insuring agency of United States. 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 the law of the United States

requires as a condition of the authority to issue such insurance or

make such payments to depositors of national banks.

F. Notice to depositors, creditors and safe deposit box

lessees. Immediately on taking charge and within ten (10) days

after taking possession, the Commissioner shall send notice of the

liquidation to each known depositor, creditor and lessee of a safe

deposit box and bailor of property held by the bank at the address

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shown on the books of the institution. The notice shall also be

published in a newspaper of general circulation in the county in

which the institution is located once a week for three (3)

successive weeks. The Commissioner shall send with each notice a
of a safe

deposit box and bailor of property held by the bank at the address

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 167

shown on the books of the institution. The notice shall also be

published in a newspaper of general circulation in the county in

which the institution 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 institution to be

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

amounts due to the bank. The notice shall demand that property held

by the bank as bailee or in a safe deposit box be withdrawn by the

person entitled thereto; and the claim of a depositor or creditor,

if the amount claimed differs from that stated in the notice to be

due, be filed with the Commissioner within sixty (60) days from the

date of the first publication of the notice of the taking of

possession 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 taking of possession 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 in the time specified, then the

determination of the Commissioner shall be final and shall

constitute the claim of that claimant.

G. Disposition of contents of unclaimed safe deposit boxes.

Safe deposit boxes, the contents of which have not been removed

before the date specified, shall be opened by the Commissioner.

Sealed packages containing the contents of such box, with a

certificate of inventory of contents, together with any unclaimed

property held by the bank 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, Section 651 et seq. of Title 60 of the Oklahoma Statutes.

H. Determination of claims - Time therefor - Notification. The

Commissioner shall:

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

days from date of first publication of the notice of taking

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

creditor or depositor and the priority class of his claim under this

title, and file such determination in the court in which notice of

possession was filed;

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

date of filing, reject any claim if he doubts the validity thereof;

and

(3) Notify each person whose claim has not been allowed in

full, by mailing to his last-known address, as shown on the records

of the bank, 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 will file his schedule in court.

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I. Disposition of contested claims. Within twenty (20) days

after the filing of the Commissioner's schedule, any creditor,

depositor or stockholder may file an objection to any determination

made which adversely affects such objector. Any objections so filed

shall be heard and determined by the court. The objection shall be,

by the clerk of such district court, entered upon the docket of said

court under the same number as other proceedings in connection with

the liquidation of the insolvent bank. The Commissioner and

interested claimants as the court determines shall be notified of

such objection upon a ten-day notice and the matter shall be tried

de novo. No person having a claim against an insolvent bank shall

maintain action thereon except as herein provided.

J. Partial distribution of allowed claims. After filing his

schedule the Commissioner shall, after establishing proper reserves
Commissioner and

interested claimants as the court determines shall be notified of

such objection upon a ten-day notice and the matter shall be tried

de novo. No person having a claim against an insolvent bank shall

maintain action thereon except as herein provided.

J. Partial distribution of allowed claims. After filing his

schedule the Commissioner shall, after establishing proper reserves

for the payment of costs, expenses of liquidation and disputed

claims, pay to any agency of the United States insuring deposits in

the insolvent bank 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 may, from time to time,

also make partial distribution to the holders of claims which are

undisputed or have been allowed by the court, in the order of their

priority as herein provided. The court supervising the liquidation

shall direct, as soon as practicable after the establishment of an

adequate and proper reserve for payment of disputed claims, costs

and expenses of liquidation, that the Commissioner make a

substantial partial pro rata distribution as 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 herein provided.

K. Priority of claims - Payment - Cancellation - Claims when

barred.

(1) The following claims shall have priority in the order

herein specified:

(a) obligations incurred by the Commissioner, fees and

assessments due to the Department, and all expenses of

liquidation, all of which may be covered by a proper

reserve of funds,

(b) the depositors having an approved claim against the

general liquidating account of the bank,

(c) the general creditors having an approved claim against

the general liquidating account of the bank,

(d) the claims otherwise proper which were not filed

within the time prescribed herein, and

(e) the stockholders of the bank;

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For purposes of determining priority of claims, federal funds sold

to the failed institution shall be considered deposits of the

selling bank in the failed institution.

(2) No claim shall be entitled to interest thereon if it be

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

the taking of possession by the Commissioners; if 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 from the

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

by exhaustion of all assets;

(3) All distributions declared in accordance herewith, 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 bank, and the proceeds thereof returned to the

general liquidating account of such insolvent bank. 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 insolvent bank is

located. The notice shall describe the unclaimed distributions

sought to be canceled, giving the name and location of the insolvent

bank, 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; and
re the insolvent bank is

located. The notice shall describe the unclaimed distributions

sought to be canceled, giving the name and location of the insolvent

bank, 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; and

(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.

L. Disposition of unclaimed funds other than distributions.

Unclaimed funds, other than unclaimed distributions, remaining after

completion of the liquidation shall be retained by the Commissioner

who shall administer them in accordance with the Uniform Unclaimed

Property Act, Section 651 et seq. of Title 60 of the Oklahoma

Statutes.

M. Annual reports - Final account - Release of Commissioner -

Cancellation of charter.

(1) During the liquidation procedure the Commissioner and his

agents and employees shall make a verified annual account, giving in

detail a statement of all receipts and disbursements made from the

assets in their possession. A copy of the annual report shall be

filed with the court of the county and a hearing held thereon.

Interested parties and the Board of Directors of the insolvent bank

shall be given such notice as the court directs of the hearing and

shall make such objections as they shall desire to the account;

however, the failure to object at an annual hearing shall not

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

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items of expense and proceedings in the liquidation upon the final

account;

(2) When the assets have been distributed in accordance with

this title, except unclaimed funds and content 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, by registered or certified mail, to all interested

persons and to the board of directors of the insolvent bank and the

notice shall be published for two (2) successive weeks in some

newspaper of general circulation published in the county, showing

the nature of the hearing, the date and time of the hearing and that

such account is for final settlement of liquidating account of such

insolvent bank;

(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 bank as liquidating

agents for the stockholders under the Oklahoma General Corporation

Act;

(4) The court shall hear all matters touching upon 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; and

(5) Upon approval of the final account as settled by the court,

the Commissioner shall be relieved of liability in connection with

the liquidation and shall cancel the charter upon the record of the

Department.