The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January 2020.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
6-586 - Distribution of assets of liquidating credit union
6-586. Distribution of assets of liquidating credit union
If there is either a voluntary or involuntary liquidation of a credit union the assets of the credit union or the proceeds from any disposition of the assets shall be applied and distributed in the following order:
1. Taxes owed to the United States, this state or any other governmental unit.
2. Secured creditors up to the fair market value of their collateral, not to exceed the amount of their debt.
3. Costs and expenses of liquidation.
4. Wages due the employees of the credit union.
5. Costs and expenses incurred by creditors in successfully opposing the release of the credit union from certain debts as allowed by the superintendent.
6. Debts owed to the United States or this state.
7. General creditors, secured creditors, to the extent their claims exceed the fair market value of their collateral, and owners of deposit accounts, to the extent the accounts are uninsured.
8. Members, to the extent of uninsured accounts, and the insuring organization that insured the accounts of the credit union.