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Revised Code of Washington (RCW) (Last Updated: August 9, 2016) |
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Title 30B. WASHINGTON TRUST INSTITUTIONS ACT |
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Chapter 30B.44A. State trust companies—Voluntary dissolution and liquidation. |
Section 30B.44A.020. Authority to liquidate—Publication.
Latest version.
- If the director approves the liquidation, the director shall issue to the state trust company a permit for such purpose. A permit shall not be issued by the director until the director is satisfied that provision has been made by the state trust company to satisfy and pay off all creditors. If not so satisfied, the director shall refuse to issue a permit, and is authorized to take possession of the state trust company and its assets and business, and hold the same and liquidate the state trust company in the manner provided in this title. When the director approves the voluntary liquidation of a state trust company, the directors of that state trust company shall cause to be published in a newspaper in the county in which the same is located, or if no newspaper is published in such county, then in a newspaper having a general circulation in such county, a notice that the state trust company is closing down its affairs and going into liquidation, and notify its creditors to present their claims for payment. Such notice shall be published once a week for four consecutive weeks.