MS Code § 81-9-37 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-37. Reports by receiver; petition for discharge

  The receiver shall make such reports of his administration to the chancellor as the chancellor may require, which reports shall be filed in the court file of the receivership cause. Before the receivership cause shall be closed, a final report shall be made of such matters as may be required by the chancellor, and which shall include classified lists and totals of expenses; the gross amount of collections; classified lists and totals of disbursements to common creditors and other claimants; and all dividends on hand belonging to depositors, creditors, stockholders or others which for any reason have not been distributed; also the names of such depositors, creditors and stockholders, together with the amount of dividends belonging to each.   The receiver shall file a petition for discharge with his final report, and the final report, together with said petition, shall remain on file subject to the inspection of any person interested. If the chancellor is satisfied with the final report of the receiver, he shall, by order entered on the minutes of the court, direct that the clerk of the court cause a notice to be run in a newspaper published in the county wherein the receivership is pending, or if none is so published, in some newspaper having a general circulation therein, which notice shall state that the liquidation of the bank has been completed and that the final report of the receiver and petition for his discharge are on file; that unless written objection is filed with the clerk of the court within thirty days from the date of the first publication of the notice, all persons shall be forever precluded from filing any claim against the bank or the receiver, and from questioning any of the acts of the receiver, except for fraud. Said notice shall be published once a week until the expiration of said thirty day period.   Should the receiver have dividends on hand belonging to depositors, creditors, stockholders or others which have not been distributed the notice hereinabove referred to shall specify this fact, and shall give the name of each party who is entitled to such dividend, but it shall not be necessary to give the amount thereof. The notice shall direct that said parties call for said dividends prior to the day set for the filing of written objections, otherwise, their claim thereto shall be forfeited. On the day of the final hearing if there are dividends on hand which have not been called for, the receiver shall not be discharged, but the chancellor, by order entered on the minutes of the court, shall direct the receiver to make distribution of such unclaimed dividends to the known depositors and creditors pro rata. In the event the known depositors and creditors have already been paid in full, or if any are unpaid an amount in cash equal to that requisite to pay every such person, as shown to be due to them by the books of the bank is set apart and paid over in accordance herewith to the state comptroller as herein provided, the amount, if any, remaining shall be distributed to the stockholders pro rata.   If on the day of the final hearing there are no dividends on hand for distribution and there have been no objections filed to the discharge of the receiver, the chancellor shall enter an order granting his discharge. If there are dividends on hand, the chancellor shall direct their distribution as above provided. Should written objections be filed to the discharge of the receiver within the time above provided, the chancellor shall set the matter for hearing in vacation or in term time as he may deem proper, and the same shall be proceeded with as any other action in chancery. In no event shall anyone be permitted to file an objection after the time specified in the notice above provided for.   Should there be any dividends to stockholders not called for at the expiration of thirty days from the date the chancellor orders the distribution as above provided in subsection 3 of this section, the receiver shall pay the same and all amounts due to depositors and creditors who have not called for payment, to the state comptroller, who shall hold the same for the parties entitled thereto hereunder for a period of at least one year from the date of its receipt by him, and notice shall be given as hereinafter provided.   Where any depositors' liquidating corporation has not paid its depositors in full, and has realized everything possible from its assets, but still has on hand insufficient money to make a distribution to its creditors, the chancery court creating such corporation may, upon finding such facts, dissolve such liquidating corporation and discharge its directors and their sureties, and make such orders with respect to the cash on hand as may appear equitable and proper, after an application for a dissolution of said corporation, accompanied by a final report of the administration thereof from the date of the creation of said corporation, has been on file with the clerk of said court not less than thirty days, and notice of the filing thereof has been given by inserting one notice in a newspaper published in the county wherein the receivership is pending not less than ten days before the date set for the hearing thereof.   Nothing contained in this section shall apply to any bank heretofore or hereafter liquidated by the Federal Deposit Insurance Corporation.