Notice of Receivership and How to File Claims

(a) Upon commencement of the receivership, the receiver shall promptly give notice of the fact and purpose of the receivership in a form prescribed by the commissioner and directing depositors and creditors to file any claims they might have against the institution within four months after the first publication of such notice. Such notice may be by: (1) Publishing the notice in a newspaper of general circulation in every county where the financial institution engages in business once in each of three successive weeks; (2) Delivering the notice to all known depositors, creditors and parties holding any assets of the financial institution; provided, however, that notice of the fact and purpose of the receivership need not be given to depositors of the institution all of whose deposits have been paid by a federal deposit insurer or assumed by a federally insured financial institution and who have received appropriate notice of such payment or assumption; and (3) Posting the notice in the principal office and each branch and agency office of the institution. (b) Any claim which is not filed within four months after the first date of publication of the notice required by subsection (a) shall be forever barred; provided, that this subsection shall not apply to any depositor or creditor whose claim appears on the records of the institution, to the extent shown on such records, whether or not the same is disputed. (c) The receiver may reject a claim in writing within sixty days after receipt thereof, otherwise it shall be deemed accepted. Upon rejection of a claim by the receiver, the claimant may petition the circuit court for a review of the receiver's determination, provided that any petition for review not filed within four months after the receipt by the claimant of the notice of rejection from the receiver will be barred. In lieu of review by the circuit court of the receiver's decision to reject a claim, the parties may mutually agree to have any claim decided by binding arbitration before an arbitrator appointed by the commissioner or the court.