In a story published on 1 August, Cardinal Hoyos released a letter to Bp. Skylstad stating that "when a bishop suppresses a parish, its assets and liabilities must go to the parish or parishes that receive the parishioners, not to the diocese." His Eminence cites Canons 121-123 of the Code of Canon Law, and writes that he is concerned with the improper use of Canon 123 (extinction of parishes) in the US.
A parish is considered "extinct" when there is no longer a Catholic community in the area, or when pastoral activity has not taken place for 100 years. Only in this case does the assets of said parish revert to the diocese. In other cases (suppression & merger of parishes) the assets of the suppressed parish are to go to the receiving parish.
Entire article HERE.