The liquidating agent shall:

1. (1) determine the existence and amount of claims;
2. (2) allow proved claims of security, preference, or priority;
3. (3) settle or release a claim in favor of or against the credit union;
4. (4) disallow unproved claims of security, preference, or priority; and
5. (5) make distributions to and pay creditors and members of the credit union as their interests appear.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.