12 Cfr 709.6

kpayne on DSK54DXVN1OFR with $$_JOB

National Credit Union Administration

§ 709.6

§ 709.6 Initial determination of creditor claims by the liquidating agent.
(a)(1) Any party wishing to submit a
claim against the liquidated credit
union must submit a written proof of
claim in accordance with the requirements set forth in the notice to creditors. A failure to submit a written
claim within the time provided in the
notice to creditors shall be deemed a
waiver of said claim and claimant shall
have no further rights or remedies with
respect to such claim.
(2) Notwithstanding paragraph (a)(1)
of this section, the liquidating agent
may, at his discretion, consider an untimely claim provide the following two
criteria are present:
(i) The claimant did not receive notice of the appointment of the liquidating agent in time to file a claim before the date provided for in the notice;
and
(ii) The claim is filed in time to permit payment of the claim.
(b) The liquidating agent may require
submission of supplemental evidence
by the claimant and by interested parties in the event of a dispute concerning a claim against any asset of
the liquidated credit union. In requir-

ing the submission of supplemental
evidence, the liquidating agent may set
such limitations of time, scope, and
size as the liquidating agent deems reasonable in the circumstances, and may
refuse to include in the record submissions or portions of submissions not in
compliance with such limitations or
requirements. The liquidating agent
shall compile such written record of a
claim or dispute as, in its discretion, is
deemed sufficient to provide a reasonable basis for allowing or disallowing a
claim or resolving a dispute. This written record shall be considered the administrative record.
(c) The liquidating agent shall determine whether to allow or disallow a
claim and shall notify the claimant
within 180 days from the date a claim
against a credit union is filed pursuant
to paragraph (a)(1) of the section. This
180-day period may be extended by
written agreement between the claimant and the liquidating agent. Failure
by the liquidating agent to determine a
claim and notify the claimant within
the 180-day period or, if the period is
extended, within the extended period,
shall be deemed a denial of the claim.
(d) If a claim or any portion thereof
is disallowed, the notice to the claimant shall contain a statement of the
reasons for the disallowance and an explanation of appeal rights pursuant to
§ 709.7 of this part.
(e) Notice of any determination with
respect to a claim shall be sufficient if
mailed to the most recent address of
the claimant which appears:
(1) On the credit union’s books;
(2) In the claim filed by the claimant;
or
(3) In the documents submitted in the
proof of claim.
(f) In the event the liquidating agent
disallows all or part of a claim, the liquidating agent shall file with the
Board, or its designated agent, a report
of its determination. This report shall
become part of the record and shall include the notice to the claimant and
findings on all issues raised and decided by the liquidating agent.

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