New Jersey § 17:9a-284

§ 17:9a-284.

A. The proceeds of the liquidation of the assets of a bank, the property and business

of which the commissioner has taken possession, shall be distributed according to

the priorities and preferences provided by chapter 14 of Title 14A, Corporations,

General, of the New Jersey Statutes; except that, in the case of a savings bank,

the surplus remaining after the payment or provision for the payment of all of its

liabilities, claims and deposits, with interest or dividends to the date when possession

was taken by the commissioner, and payment of or provision for all expenses upon final

distribution, shall be divided pro rata among its depositors according to the amounts

of their deposits at the time such possession was taken by the commissioner. B. After the expiration of the times limited for the filing of claims and for the

institution of actions upon rejected claims as provided by sections 280, 281, and

282, 1 the commissioner may, from time to time, file an accounting in the Superior Court

and apply for an order authorizing the payment of a liquidating dividend out of the

funds in his hands. No distribution shall be made by the commissioner until he has accounted as provided

in sections 277 2 and 279, 3 and judgment is entered allowing the account and directing such distribution. C. Upon making final distribution, the commissioner shall file in the Superior Court

a statement of such distribution, and he shall file in the department a certificate

that such statement has been filed, specifying the date of such filing. 1

N.J.S.A. §§ 17:9A-280 to 17:9A-282. 2

N.J.S.A. § 17:9A-277. 3

N.J.S.A. § 17:9A-279.