State Codes and Statutes
Statutes > Missouri > T18 > C287 > 287_875Assignment of recovery rights to corporation, when--receiver orliquidator, rights--corporation to file statements with receiver,when.
287.875. 1. Any person who recovers from the corporationunder sections 287.860 to 287.885 shall be deemed to haveassigned her or his rights to the corporation to the extent ofsuch recovery. Every claimant seeking the protection of sections287.860 to 287.885 shall cooperate with the corporation to thesame extent as such person would have been required to cooperatewith the insolvent member employer. The corporation shall haveno cause of action against the employee of the insolvent memberemployer for any sums the corporation has paid out, except suchcauses of action as the insolvent member employer would have hadif such sums had been paid by the insolvent member employer. Inthe case of an insolvent member employer operating on a plan withassessment liability, payments of claims by the corporation shallnot operate to reduce the liability of the insolvent memberemployer to the receiver, liquidator, or statutory successor forunpaid assessments.
2. The receiver, liquidator, or statutory successor of aninsolvent member employer shall be bound by settlements ofcovered claims by the corporation. The court having jurisdictionshall grant such claims priority against the assets of theinsolvent member employer equal to that to which the claimantwould have been entitled in the absence of sections 287.860 to287.885. The expense of the corporation or similar organizationin handling claims shall be accorded the same priority as theexpenses of the liquidator.
3. The corporation shall file periodically with thereceiver or liquidator of the insolvent member employerstatements of the covered claims paid by the corporation andestimates of anticipated claims on the corporation, which shallpreserve the rights of the corporation against the assets of theinsolvent member employer.
(L. 1992 H.B. 975)
