Title 12, Banks and BankingRelease 119-102
§194 Dividends on Adjusted Claims; Distribution of Assets
Title 12 › CHAPTER 2 — NATIONAL BANKS › SUBCHAPTER XIII — RECEIVERSHIP › § 194
Summary
The comptroller must pay money received from the receiver to claims that are proved or decided by a court, in proportion. As more assets come in, he must make more payments to those claims. Any leftover goes to the shareholders or their legal representatives based on how much stock they held.
Full Legal Text
Title 12, §194
Banks and Banking, Source: USLM XML via OLRC
From time to time, the comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by them respectively held.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification R.S. § 5236 derived from act June 3, 1864, ch. 106, § 50, 13 Stat. 114, which was the National Bank Act. See section 38 of this title.
Amendments
1994—Pub. L. 103–325 struck out “, after full provision has been first made for refunding to the United States any deficiency in redeeming the notes of such association” after “From time to time”.
Statutory Notes and Related Subsidiaries
Application to District of ColumbiaProvisions of this section were made applicable to banks, etc. in the District of Columbia by act Mar. 4, 1933, ch. 274, § 4, 47 Stat. 1567.
Executive Documents
Exception as to
Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in
Transfer of Functions
to Secretary of the Treasury, see note set out under section 1 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 194
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102