12 C.F.R. § 360.3

Priorities

Read at: eCFRecfr.gov CornellLII GovInfogovinfo.gov CasesGoogle Scholar

(a) Unsecured claims against an association or the receiver that are proved to the satisfaction of the receiver shall have priority in the following order:

(1) Administrative expenses of the receiver, including the costs, expenses, and debts of the receiver;

(2) Administrative expenses of the association, provided that such expenses were incurred within thirty (30) days prior to the receiver's taking possession, and that such expenses shall be limited to reasonable expenses incurred for services actually provided by accountants, attorneys, appraisers, examiners, or management companies, or reasonable expenses incurred by employees which were authorized and reimbursable under a pre-existing expense reimbursement policy, that, in the opinion of the receiver, are of benefit to the receivership, and shall not include wages or salaries of employees of the association;

(3) Claims for wages and salaries, including vacation and sick leave pay and contributions to employee benefit plans, earned prior to the appointment of the receiver by an employee of the association whom the receiver determines it is in the best interests of the receivership to engage or retain for a reasonable period of time;

(4) If authorized by the receiver, claims for wages and salaries, including vacation and sick leave pay and contributions to employee benefits plans, earned prior to the appointment of the receiver, up to a maximum of three thousand dollars ($3,000) per person, by an employee of the association not engaged or retained pursuant to a determination by the receiver pursuant to the third category above;

(5) Claims of governmental units for unpaid taxes, other than Federal income taxes, except to the extent subordinated pursuant to applicable law; but no other claim of a governmental unit shall have a priority higher than that of a general creditor under paragraph (a)(6) of this section;

(6) Claims for withdrawable accounts, including those of the Corporation as subrogee or transferee, and all other claims which have accrued and become unconditionally fixed on or before the date of default, whether liquidated or unliquidated, except as provided in paragraphs (a)(1) through (a)(5) of this section, provided, however, that if the association is chartered and was operated under the laws of a state that provided a priority for holders of withdrawable accounts over such other claims or general creditors, such priority within this paragraph (a)(6) shall be observed by the receiver; and provided further, that if deposits of a Federal association are booked or registered at an office of such association that is located in a State that provides such priority with respect to State-chartered associations, such deposits in a Federal association shall have priority over such other claims or general creditors, which shall be observed by the receiver;

(7) Claims other than those that have accrued and become unconditionally fixed on or before the date of default, including claims for interest after the date of default on claims under paragraph (a)(6) of this section, Provided that any claim based on an agreement for accelerated, stipulated, or liquidated damages, which claim did not accrue prior to the date of default, shall be considered as not having accrued and become unconditionally fixed on or before the date of default;

(8) Claims of the United States for unpaid Federal income taxes;

(9) Claims that have been subordinated in whole or in part to general creditor claims, which shall be given the priority specified in the written instruments that evidence such claims; and

(10) Claims by holders of nonwithdrawable accounts, including stock, which shall have priority within this paragraph (a)(10) in accordance with the terms of the written instruments that evidence such claims.

(b) Interest after the date of default on claims under paragraph (a)(6) of this section shall be at a rate or rates adjusted monthly to reflect the average rate for U.S. Treasury bills with maturities of not more than ninety-one (91) days during the preceding three (3) months.

(d) All unsecured claims of any category or class or priority described in paragraphs (a)(1) through (a)(10) of this section shall be paid in full, or provision made for such payment, before any claims of lesser priority are paid. If there are insufficient funds to pay all claims of a category or class in full, distribution to claimants in such category or class shall be made pro rata. Notwithstanding anything to the contrary herein, the receiver may, at any time, and from time to time, prior to the payment in full of all claims of a category or class with higher priority, make such distributions to claimants in priority classes outlined in paragraphs (a)(1) through (a)(6) of this section as the receiver believes are reasonably necessary to conduct the receivership,

Provided that the receiver determines that adequate funds exist or will be recovered during the receivership to pay in full all claims of any higher priority.

(e) If the association is in mutual form, and a surplus remains after making distribution in full of allowed claims as set forth in paragraphs (a) and (b) of this section, such surplus shall be distributed to the depositors in proportion to their accounts as of the date of default.

(f) Under the provisions of section 11(d)(11) of the Act (12 U.S.C. 1821(d)(11)), the provisions of this § 360.3 do not apply to any receivership established and liquidation or other resolution occurring after August 10, 1993.

[53 FR 25132, July 5, 1988, as amended at 53 FR 30667, Aug. 15, 1988. Redesignated and amended at 54 FR 42801, Oct. 18, 1989, and further redesignated and amended at 55 FR 46496, Nov. 5, 1990; 58 FR 43070, Aug. 13, 1993. Redesignated at 58 FR 67664, Dec. 22, 1993; 60 FR 35488, July 10, 1995]

Notes of Decisions

Cited in 17 cases, 1995–2012 · leading case: Hometown Fin., Inc. v. United States, 56 Fed. Cl. 477 (Fed. Cl. 2003).

Sort: Relevance Newest Treatment

Hometown Fin., Inc. v. United States, 56 Fed. Cl. 477 (Fed. Cl. 2003). · cites it 2× “§ 1821 (d)(4) (1997); 12 C.F.R. § 360.3 (1997). As shareholders of the insolvent thrift, plaintiffs would be entitled to benefit from a recovery of damages by the thrift, but only in compliance with the requirements set forth by regulation.”

AG Route Seven P'ship v. United States, 57 Fed. Cl. 521 (Fed. Cl. 2003). “Plaintiff FDIC has only referenced regulations by comparison, to wit, 12 CFR § 360.3 and 12 CFR § 360.7 , which admittedly are not applicable here, as authority for its proposition that accrued interest on the government’s claim does not have priority over the principal claims…”

Bailey v. United States, 53 Fed. Cl. 251 (Fed. Cl. 2002). · cites it 2× “§ 1821 (d)(11)(A)(i); 12 C.F.R. § 360.3 (a)(1). Then, pursuant to the statutory priority scheme, the FDIC would use excess monies to pay the FRF for the deficit it incurred by paying off Security’s depositors, including interest.”

Waterview Mgmt. Co. v. Fed. Deposit Ins. Corp., 257 F. Supp. 2d 31 (D.D.C. 2003). · cites it 5× “The FDIC explains: “Separate certificates were necessary since the priority of the two recoveries differed under 12 C.F.R. § 360.3 . The claim for damages was a priority six claim, while the claim for prejudgment interest constituted a priority seven claim.”

Fed. Deposit Ins. v. United States, 52 Fed. Cl. 503 (Fed. Cl. 2002). · cites it 2× “§ 1821 (g), 2 FDIC now relies on its Depositor Priority regulations found at 12 C.F.R. § 360.3 (1994). 3 This section of the Code of Federal Regulations supports FDIC’s position that the Insurance Fund shares pro rata with uninsured depositors.”

Am. Heritage Bancorp v. United States, 53 Fed. Cl. 723 (Fed. Cl. 2002). · cites it 2× “As 12 C.F.R. § 360.3 2 states: Priorities (a) Unsecured claims against an association or the receiver that are proved to the *727 satisfaction of the receiver shall have priority in the following order: (1) Administrative expenses of the receiver, including the costs, expenses,…”

United States v. Speed Joyeros, S.A., 410 F. Supp. 2d 121 (E.D.N.Y 2006). “§ 507 (a)(4) (identifying “wages, salaries, or commissions, including vacation, severance, and sick leave pay earned by an individual” as “unsecured claims” under the bankruptcy code); 12 C.F.R. § 360.3 (a)(3) (same under Federal Deposit Insurance Corporation regulations).”

First Annapolis Bancorp, Inc. v. United States, 54 Fed. Cl. 529 (Fed. Cl. 2002). “The Goodwill Financial Reporting Package prepared by the FDIC determined that as of December 31, 2000, the litigation expenses incurred by the FDIC totaled $1.”

Smith v. United States, 58 Fed. Cl. 374 (Fed. Cl. 2003). “§ 1821 (g) to the RTC), and 12 C.F.R. § 360.3 . These claims eventually passed to the FSLIC Resolution Fund ("FRF”) when the RTC ceased to exist.”

Perpetual Fin. Corp. v. United States, 61 Fed. Cl. 126 (Fed. Cl. 2004). “723 (2002), holding that 12 C.F.R. § 360.3 permits a pro rata distribution under 12 U.”

Stattin v. Resolution Trust Corp., 883 F. Supp. 678 (M.D. Fla. 1995). · cites it 5× “84 to Plaintiffs’ distributions in accordance with 12 C.F.R. § 360.3 , which required a receiver to observe a priority given to depositors under a state’s depositor preference statute.”

Winston & Strawn LLP v. Fed. Deposit Ins. Corp., 894 F. Supp. 2d 115 (D.D.C. 2012). “§ 1821 (d)(2)(E); 12 C.F.R. § 360.3 (a)(10). The present attorney’s fees litigation is shaped by several related developments regarding the receivership of Benj.”

Show all 17 citing cases →

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.