Residual assets

Residual assets refer to assets, in cash or in kind, to be turned over to the closed bank's stockholders of record, in proportion to their interest in the closed bank as of date of closure, after payment in full of liquidation costs, fees and expenses, and the valid claims and surplus dividends to all the creditors. (Sec. 5(r), R.A. No. 3591, as renumbered and amended by R.A. No. 10846)