RSA 395:30 · Distribution of Assets

395:30 Distribution of Assets. – Payments of dividends under RSA 395:19 and any other proceeds of the property of a closed or insolvent New Hampshire depository institution shall be distributed according to the decree of the court in the following priority:

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I.

The payment of the costs and expenses of the liquidation.

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II.

The payment of wage, salary and other claims of employees to the same extent such claims would be accorded priority under federal bankruptcy law.

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III.

The payment of claims for deposit accounts including but not limited to "deposits" as defined in 12 U.S.C. section 1813(l), or as it may be later amended from time to time.

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IV.

The payment of liens accorded priority under New Hampshire law. IV-a. Reimbursement of fees or costs paid in advance by a consumer in relation to a mortgage loan application when the mortgage loan was not processed due solely to the insolvency of the institution, but only to the extent such fees or costs were not paid over to a third party for services actually rendered prior to the insolvency.

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V.

The payment of all debts, claims, and obligations filed in accordance with RSA 395:13, not accorded priority in the preceding paragraphs.

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VI.

The payment of delayed claims in accordance with RSA 395:16.

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VII.

The payment of capital debentures issued under RSA 383-A:4-403 and any other obligations expressly subordinated to deposits and to claims entitled to the priority established in the preceding paragraphs.

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VIII.

Any funds remaining shall be divided in the case of a stock institution among the stockholders according to their respective interests or, in the case of a mutual institution, among the depositors in proportion to the respective amounts of their deposits.

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IX.

Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class and all higher-priority classes have been paid or adequately provided for in full. Source. 1911, 68:18. PL 268:29. RL 316:30. RSA 395:30. 1959, 109:6. 1991, 251:6. 1993, 245:1. 2015, 272:29, eff. Oct. 1, 2015.

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