CODE OF VIRGINIA

DISTRIBUTION OF ASSETS (§ 6.2-933)

A. All claims against the bank’s estate, proved to the satisfaction of the
FDIC as receiver or approved by the receivership court, shall be paid in the
following order:

   1.  Administration expenses of the liquidation;

   2.  Claims given priority under other provisions of state or federal law;

   3.  Deposit obligations;

   4.  Other general liabilities;

   5.  Debt subordinated to the claims of depositors and general creditors; and

   6.  Equity capital securities.

B. No interest on any claim shall be paid until all claims within the same class
have received the full principal amount of claim.

HISTORY: 1983, c. 507, § 6.1-110.9; 2010, c. 794.