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Office of the Revisor of Statutes

49.215 VOLUNTARY LIQUIDATIONS.
    Subdivision 1. Resolution for. By a resolution duly adopted by the holders of 75 percent of
its stock, a bank, a trust company, one acting in the capacity of both a bank and trust company,
a savings bank, an industrial loan and thrift company, or an investment company may go into
voluntary liquidation upon filing a certified copy of such resolution with the commissioner and
obtaining written consent to such voluntary liquidation.
    Subd. 2. Notice to creditors. After the filing of such certified copy of such resolution and
obtaining the written consent of the commissioner, it shall give eight weeks' published notice, in a
qualified newspaper in the county of the principal place of business of such financial institution,
to creditors to present their claims, file a copy thereof with the commissioner within one week
after the first publication thereof, and file with the commissioner proof of the publication within
ten days after the completion thereof.
    Subd. 3. Certificate of liquidation. Upon compliance with the foregoing and upon filing
with the commissioner an affidavit of the president and cashier or vice president conducting
the duties of cashier of said financial institution that the provisions of subdivision 4 have been
complied with and that all depositors and other creditors have been paid in full, or, if any
dividends or any moneys set apart for the payment of claims remain unpaid and the places of
residence of the depositors or other creditors are unknown to the persons making the affidavit,
that sufficient funds have been turned over to the commissioner for payment into the state
treasury to pay said depositors and other creditors, in the manner provided by subdivision 5,
the commissioner shall issue a certificate of liquidation, and, upon the filing for record of said
certificate of liquidation in the Office of the Secretary of State and the recording in the office of
the county recorder of the county of the principal place of business of such financial institution
immediately prior to its voluntary liquidation, the liquidation of said financial institution shall be
complete, and its corporate existence shall thereupon terminate.
    Subd. 4. Omitted assets; trustee. If any assets have been omitted from the liquidation,
before the commissioner shall file a certificate of liquidation the financial institution being
liquidated shall petition the district court for the appointment of a trustee and shall transfer the
title to all assets so omitted from its liquidation to the trustee, except unpaid dividends or any
moneys set apart for the payment of claims remaining unpaid, and turn over to the commissioner
of commerce for payment into the state treasury, as provided for in subdivision 5, for the benefit
of the persons entitled thereto. Such assets shall thereafter be administered and distributed by the
trustee subject to the approval of the district court.
    Subd. 5. Disposition of unclaimed dividends. If any dividends or any moneys set apart
for the payment of claims remain unpaid and the places of residence of the owners thereof are
unknown to the officers of the financial institution being liquidated, they may pay the same over
to the commissioner for payment into the state treasury, furnishing the commissioner certified
triplicate lists of any such unclaimed dividends or other moneys, specifying the name of each
owner, the amount due, and the owner's last known address. Thereafter the commissioner shall
deposit said unpaid dividends or other moneys in the state treasury in the manner provided for in
section 49.24, subdivision 13, with reference to unclaimed dividends and other moneys in the
commissioner's hands as a result of involuntary liquidations and the provisions of said subdivision
13 which apply to such unclaimed dividends and other moneys.
History: 1945 c 128 s 12; 1976 c 181 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s
92; 1986 c 444; 1997 c 157 s 30; 2005 c 4 s 3