[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR627.2740]



[Page 283-284]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 627_TITLE IV CONSERVATORS, RECEIVERS, AND VOLUNTARY LIQUIDATIONS

--Table of Contents

 

                  Subpart B_Receivers and Receiverships

 

Sec. 627.2740  Creditors' claims.



    (a) The receiver shall publish promptly a notice to creditors to 

present their claims against the institution, with proof thereof, to the 

receiver by a date specified in the notice, which shall be not less than 

90 calendar days after the first publication. The notice shall be 

republished approximately 30 days and 60 days after the first 

publication. The receiver shall promptly send, by first class mail, a 

similar notice to any creditor shown on the institution's books at the 

creditor's last address appearing thereon. Claims filed after the 

specified date



[[Page 284]]



shall be disallowed, except as the receiver may approve them for full or 

partial payment from the institution's assets remaining undistributed at 

the time of approval.

    (b) The receiver shall allow any claim that is timely received and 

proved to the receiver's satisfaction. The receiver may disallow in 

whole or in part any creditor's claim or claim of security, preference, 

or priority which is not proved to the receiver's satisfaction or is not 

timely received and shall notify the claimant of the disallowance and 

reason therefor. Sending the notice of disallowance by first class mail 

to the claimant's address appearing on the proof of claim shall be 

sufficient notice. The disallowance shall be final, unless, within 30 

days after the notice of disallowance is mailed, the claimant files a 

written request for payment regardless of the disallowance. The receiver 

shall reconsider any claim upon the timely request of the claimant and 

may approve or disapprove such claim in whole or in part.

    (c) Creditors' claims that are allowed shall be paid by the receiver 

from time to time, to the extent funds are available therefor and in 

accordance with the priorities established in this subpart and in such 

manner and amounts as the receiver deems appropriate. In the event the 

institution has a claim against a creditor of the institution, the 

receiver shall offset the amount of such claim against the claim 

asserted by such creditor.

    (d) The claims of holders of notes, bonds, debentures, or other 

obligations issued by a bank under 12 U.S.C. 2153 (c) or (d) shall be 

made, if deemed necessary or appropriate, in accordance with procedures 

formulated by the Insurance Corporation. In the formulation of such 

procedures, the Insurance Corporation shall consult with the Farm Credit 

Administration.