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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
§
7068. Claims of holders of void or voidable rights
(a) No claims of
a creditor who has received or acquired a preference, lien, conveyance,
transfer, assignment, or encumbrance voidable under this chapter shall be
allowed unless he or she surrenders the preference, lien, conveyance, transfer,
assignment, or encumbrance. If the avoidance is effected by a proceeding in
which a final judgment has been entered, the claim shall not be allowed unless
the money is paid or the property is delivered to the liquidator within 30 days
from the date of the entering of the final judgment, except that the Court
having jurisdiction over the liquidation may allow further time if there is an
appeal or other continuation of the proceeding.
(b) A claim
allowable under subsection (a) of this section by reason of the avoidance,
whether voluntary or involuntary, of a preference, lien, conveyance, transfer,
assignment, or encumbrance, may be filed as an excused late filing under
section 7074 of this title if filed within 30 days from the date of the
avoidance, or within the further time allowed by the Court under subsection (a)
of this section. (Added 1991, No. 45, § 2, eff. May 29, 1991.)