LD 1534
pg. 15
Page 14 of 20 PUBLIC Law Chapter 322 Page 16 of 20
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LR 1922
Item 1

 
G.__If the repudiation or disaffirmance of any contract or
lease gives rise to a claim for damages, the claim must be
considered a general creditor claim under paragraph E,
subparagraph (2), division (e) and not a cost or expense of
liquidation under paragraph E, subparagraph (2), division
(a).

 
H.__All unsecured claims of any category or class or
priority described in paragraph E, subparagraph 2, divisions
(a) to (i) must be paid in full, or provisions made for such
payment, before any claims of lesser priority are paid.__If
there are insufficient funds to pay all claims of a category
or class, payment must be made pro rata.__Notwithstanding
anything to the contrary in this section, the receiver may,
at any time, and from time to time, prior to the payment in
full of all claims of a category or class with higher
priority, make such distributions to claimants in priority
categories described in paragraph E, subparagraph (2),
divisions (a) to (e) as the receiver believes are reasonably
necessary to conduct the liquidation, as long as the
receiver determines that adequate funds exist or will be
recovered during the liquidation to pay in full all claims
of any higher priority.__If a surplus remains after making
distribution in full on all allowed claims described in
paragraph E, subparagraph (2), divisions (a) to (i), the
surplus must be distributed pro rata to the credit union's
members.

 
I.__A credit union liquidating voluntarily may not continue
in existence for more than 3 years after approval of
dissolution, unless an extension is granted by the
superintendent for good cause shown in an application filed
prior to expiration of the 3-year period.

 
J.__After all debts, liabilities and obligations of the
credit union are paid or discharged or otherwise adequately
provided for, the credit union shall file articles of
dissolution with the Secretary of State.__Articles of
dissolution must set forth:

 
(1)__The name and address of the credit union;

 
(2)__The date dissolution was approved;

 
(3)__A statement of how dissolution was approved;

 
(4)__A report of liquidating activities; and

 
(5)__Such other information as the superintendent may
require.


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