Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 20 - SPECIAL PURPOSE DEPOSITORY INSTITUTIONS › Section 20-6 - Receivership

Current through July 13, 2024
(a) Subject to
				court supervision as otherwise required by law, the Commissioner is the
				receiver and resolution official for special purpose depository institutions,
				consistent with Wyo. Stat.
										13-12-122 and
				11 U.S.C. §
										109(b)(2). As used in this
				Chapter, "receivership" means a liquidation conducted under W.S.
				W.S.
				13-12-122.
(b) In the event of financial distress or
				another contingency warranting use of the resolution plan created under § 4 of
				this Chapter, the Commissioner shall, to the extent appropriate under the
				circumstances, use the plan for the resolution of the institution.
(c) If appropriate, the Commissioner may
				retain such staff and enter into contracts for professional services as are
				necessary to carry out a receivership. The Commissioner may retain services on
				a continuing retainer or on an as-needed basis.
(d) Persons who have claims against the
				special purpose depository institution may present claims, along with
				supporting documentation, for consideration by the Commissioner. The
				Commissioner shall determine the validity and approve the amounts of claims.
				All claims against the institution shall be fixed when the Commissioner takes
				possession of the institution and the Commissioner shall stand in the place of
				the institution. Constructive notice provided by the filing made under W.S.
				W.S.
				13-4-303(a) shall be deemed
				to satisfy the knowledge requirement of subsection (b) of that
				section.
(e) The Commissioner shall
				establish a date by which any person seeking to present a claim against the
				institution must present their claim for determination. The Commissioner shall
				also mail notice to creditors as required by
				W.S.
				13-4-402 and other applicable law.
(f) The Commissioner shall allow any claim
				against the institution received on or before the deadline for presenting
				claims, if the claim is established to the Commissioner's satisfaction by the
				information on the institution's books and records or as otherwise submitted.
				The Commissioner may disallow any portion of any claim by a creditor or claim
				of a security interest, preference, set-off or priority which is not
				established to the satisfaction of the Commissioner.
(g) Wyoming law relating to the nature of
				digital assets under title 34.1, Wyoming statutes and
				W.S.
				34-29-101 through
				34-29-103,
				including security interests, shall govern claims made under this section, as
				well as the receivership of the institution.
(h) If a person with a claim against a
				special purpose depository institution also has an obligation owed to the
				institution, the claim and obligation shall be set-off against the other and
				only the net balance remaining after set-off shall be considered as a claim, if
				the set-off is otherwise legally valid.
(j) The Commissioner shall pay expenses and
				claims in the following priority order:
(i)
				Administrative expenses of the Commissioner, as defined in subsection (k) of
				this section, to the extent those expenses exceed pledged capital or a surety
				bond;
(ii) Customer claims relating
				to deposits, custodial, fiduciary and trust assets, as well as any claims of
				the Federal Reserve System;
(iii)
				Claims of secured creditors and any preferences which may be required by W.S.
				W.S.
				13-4-502;
(iv) Unsecured creditors of the institution,
				including secured creditors to the extent any claim exceeds a valid and
				enforceable security interest;
(v)
				Creditors of the institution, if any, whose claims are subordinated to general
				creditor claims; and
(vi)
				Shareholders of the institution.