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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

145

:
SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS






Subchapter

003
:
FORMAL PROCEEDINGS










 

§

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.)