Payment of Final Dividend

Sec. 66.309. PAYMENT OF FINAL DIVIDEND. (a) The liquidating agent may not pay a final dividend before the first day of the 19th month after the date notice is first published under Section 66.304. (b) The liquidating agent shall declare and pay a final dividend after: (1) the period provided by Subsection (a) expires; and (2) the liquidating agent liquidates each asset of the association capable of being liquidated or receives sufficient money from the liquidation to: (A) pay the costs of the liquidation; (B) pay all claims that have been presented and established; and (C) leave money available to pay all nonclaiming depositors and creditors of the association. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.