The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
003
:
FORMAL PROCEEDINGS
(Cite as: 8 V.S.A. § 7074)
-
§ 7074. Filing of claims
(a) Proof of all claims shall be filed with the liquidator in the form required by section 7075 of this title on or before the last day for filing specified in the notice required under section 7061 of this title, except that proof of claims for cash surrender values or other investment values
in life insurance and annuities need not be filed unless the liquidator expressly
so requires.
(b) The liquidator may permit a claimant making a late filing to share in distributions,
whether past or future, as if he or she were not late, to the extent that any such
payment will not prejudice the orderly administration of the liquidation, under the
following circumstances:
(1) the existence of the claim was not known to the claimant and he or she filed the claim
as promptly thereafter as reasonably possible after learning of it;
(2) a transfer to a creditor was avoided under sections 7065 through 7067 of this title, or was voluntarily surrendered under section 7068 of this title, and the filing satisfies the conditions of section 7068 of this title; or
(3) the valuation under section 7080 of this title, of security held by a secured creditor shows a deficiency, which is filed within
30 days after the valuation.
(c) The liquidator shall permit late filing claims to share in distributions, whether
past or future, as if they were not late, if such claims are claims of a guaranty
association or foreign guaranty association for reimbursement of covered claims paid
or expenses incurred, or both, subsequent to the last day for filing where such payments
were made and expenses incurred as provided by law.
(d) The liquidator may consider any claim filed late that is not covered by subsection
(b) of this section, and permit it to receive distributions that are subsequently
declared on any claims of the same or lower priority if the payment does not prejudice
the orderly administration of the liquidation. The late-filing claimant shall receive,
at each distribution, the same percentage of the amount allowed on his or her claim
as is then being paid to claimants of any lower priority. This shall continue until
his or her claim has been paid in full. (Added 1991, No. 45, § 2, eff. May 29, 1991.)