§7068. Claims of holders of void or voidable rights

Link to law: http://legislature.vermont.gov/statutes/section/08/145/07068
Published: 2015

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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.)
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