Filing claims
N.D. Cent. Code § 6-07.1-21
in effect6-07.1-21. Filing claims
A person who has a claim against the estate of a state trust company in liquidation must file
proof of claim pursuant to rules adopted by the state banking board. The priority of disposition of
assets from the estate of a state trust company must be in accordance with the order of each
class as provided by this section. Every claim in each class must be paid in full, or adequate
funds must be retained for that payment, before the members of the next class receive any
payment. A subclass may not be established within a class, except for a preference or
subordination within a class expressly created by contract or other instrument in the articles of
association. Assets must be distributed in the following order of priority: administrative
expenses; approved claims of secured trust deposits; approved claims of secured creditors;
approved claims by beneficiaries insufficient to satisfy all fiduciary claims to commingled
fiduciary funds or missing fiduciary property and approved claims of clients of the state trust
company; other approved claims of general creditors not falling within a higher priority under this
section; approved claims of a type described above that were not filed within the period
prescribed; and claims of capital note or debenture holders or holders of similar obligations and
proprietary claims of shareholders, participants, or other owners accorded the terms established
by issue, class, or series. After completion of the liquidation, any unclaimed property remaining
in the hands of the receiver must be considered abandoned property.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c07-1.pdf#nameddest=6-07p1-21Fetched: 10/16/2026