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Searching 2018 Special Session

The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 145 : SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS

Subchapter 003 : FORMAL PROCEEDINGS

(Cite as: 8 V.S.A. § 7076)
  • § 7076. Special claims

    (a) The claim of a third party which is contingent only on his or her first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.

    (b) A claim may be allowed even if contingent, if it is filed in accordance with section 7074 of this title. It may be allowed and the claimant may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.

    (c) Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that such claims may be discounted at the legal rate of interest.

    (d) Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under section 7052 or 7057 of this title. (Added 1991, No. 45, § 2, eff. May 29, 1991.)