State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-30-300

§58‑30‑300.  Interstate priorities.

(a)        In a liquidationproceeding in this State involving one or more reciprocal states, the order ofdistribution of the domiciliary state shall control as to all claims ofresidents of this and reciprocal states. All claims of residents of reciprocalstates shall be given equal priority of payment from general assets regardlessof where such assets are located.

(b)        The owners ofspecial deposit claims against an insurer for which a liquidator is appointedin this or any other state shall be given priority against the special depositsin accordance with the statutes governing the creation and maintenance of thedeposits. If there is a deficiency in any deposit, so that the claims securedby it are not fully discharged from it, the claimants may share in the generalassets, but the sharing shall be deferred until general creditors, and alsoclaimants against other special deposits who have received smaller percentagesfrom their respective special deposits, have been paid percentages of theirclaims equal to the percentage paid from the special deposit.

(c)        The owner of asecured claim against an insurer for which a liquidator has been appointed inthis or any other state may surrender the owner's security and file the claim asa general creditor, or the claim may be discharged by resort to the security inaccordance with G.S. 58‑30‑215 in which case the deficiency, ifany, shall be treated as a claim against the general assets of the insurer onthe same basis as claims of unsecured creditors. (1989, c. 452, s. 1; 1995, c.193, s. 32.)

State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-30-300

§58‑30‑300.  Interstate priorities.

(a)        In a liquidationproceeding in this State involving one or more reciprocal states, the order ofdistribution of the domiciliary state shall control as to all claims ofresidents of this and reciprocal states. All claims of residents of reciprocalstates shall be given equal priority of payment from general assets regardlessof where such assets are located.

(b)        The owners ofspecial deposit claims against an insurer for which a liquidator is appointedin this or any other state shall be given priority against the special depositsin accordance with the statutes governing the creation and maintenance of thedeposits. If there is a deficiency in any deposit, so that the claims securedby it are not fully discharged from it, the claimants may share in the generalassets, but the sharing shall be deferred until general creditors, and alsoclaimants against other special deposits who have received smaller percentagesfrom their respective special deposits, have been paid percentages of theirclaims equal to the percentage paid from the special deposit.

(c)        The owner of asecured claim against an insurer for which a liquidator has been appointed inthis or any other state may surrender the owner's security and file the claim asa general creditor, or the claim may be discharged by resort to the security inaccordance with G.S. 58‑30‑215 in which case the deficiency, ifany, shall be treated as a claim against the general assets of the insurer onthe same basis as claims of unsecured creditors. (1989, c. 452, s. 1; 1995, c.193, s. 32.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-30-300

§58‑30‑300.  Interstate priorities.

(a)        In a liquidationproceeding in this State involving one or more reciprocal states, the order ofdistribution of the domiciliary state shall control as to all claims ofresidents of this and reciprocal states. All claims of residents of reciprocalstates shall be given equal priority of payment from general assets regardlessof where such assets are located.

(b)        The owners ofspecial deposit claims against an insurer for which a liquidator is appointedin this or any other state shall be given priority against the special depositsin accordance with the statutes governing the creation and maintenance of thedeposits. If there is a deficiency in any deposit, so that the claims securedby it are not fully discharged from it, the claimants may share in the generalassets, but the sharing shall be deferred until general creditors, and alsoclaimants against other special deposits who have received smaller percentagesfrom their respective special deposits, have been paid percentages of theirclaims equal to the percentage paid from the special deposit.

(c)        The owner of asecured claim against an insurer for which a liquidator has been appointed inthis or any other state may surrender the owner's security and file the claim asa general creditor, or the claim may be discharged by resort to the security inaccordance with G.S. 58‑30‑215 in which case the deficiency, ifany, shall be treated as a claim against the general assets of the insurer onthe same basis as claims of unsecured creditors. (1989, c. 452, s. 1; 1995, c.193, s. 32.)