375.1194. 1. After a petition for rehabilitation orliquidation has been filed, a transfer of any of the realproperty of the insurer made to a person acting in good faithshall be valid against the receiver if made for a present fairmarket value or, if not made for a present fair market value,then to the extent of the present consideration actually paidtherefor, for which amount the transferee shall have a lien onthe property so transferred. The commencement of a proceeding inrehabilitation or liquidation shall be constructive notice uponthe recording of a copy of the petition for or order ofrehabilitation or liquidation with the recorder of deeds in thecounty where any real property in question is located. Theexercise of any authority by a court of the United States or anystate or jurisdiction to authorize or effect a judicial sale ofreal property of the insurer within any county in any state shallnot be impaired by the pendency of such a proceeding unless thecopy is recorded in the county prior to the consummation of thejudicial sale.
2. After a petition for rehabilitation or liquidation hasbeen filed and before either the receiver takes possession of theproperty of the insurer or an order of rehabilitation orliquidation is granted:
(1) A transfer of any of the property of the insurer, otherthan real property, made to a person acting in good faith shallbe valid against the receiver if made for a present fair marketvalue or, if not made for a present fair market value, then tothe extent of the present consideration actually paid therefor,for which amount the transferee shall have a lien on the propertyso transferred;
(2) A person indebted to the insurer or holding property ofthe insurer may, if acting in good faith, pay the indebtedness ordeliver the property, or any part thereof, to the insurer or uponhis order, with the same effect as if the petition were notpending;
(3) A person having actual knowledge of the pendingrehabilitation or liquidation shall be deemed not to act in goodfaith; and
(4) A person asserting the validity of a transfer underthis section shall have the burden of proof.
Except as elsewhere provided in this section, no transfer by oron behalf of the insurer after the date of the petition forliquidation filed by any person other than the liquidator shallbe valid against the liquidator.
3. Every person receiving any property from the insurer orany benefit thereof which is a fraudulent transfer undersubsection 1 of this section shall be personally liable thereforand shall be bound to account to the liquidator. Any court ofcompetent jurisdiction shall issue an order of contempt uponapplication of the liquidator with respect to any person whofails to make such account.
4. The provisions of sections 375.1150 to 375.1246 shallnot be construed to impair the negotiability of currency ornegotiable instruments.
375.1194. 1. After a petition for rehabilitation orliquidation has been filed, a transfer of any of the realproperty of the insurer made to a person acting in good faithshall be valid against the receiver if made for a present fairmarket value or, if not made for a present fair market value,then to the extent of the present consideration actually paidtherefor, for which amount the transferee shall have a lien onthe property so transferred. The commencement of a proceeding inrehabilitation or liquidation shall be constructive notice uponthe recording of a copy of the petition for or order ofrehabilitation or liquidation with the recorder of deeds in thecounty where any real property in question is located. Theexercise of any authority by a court of the United States or anystate or jurisdiction to authorize or effect a judicial sale ofreal property of the insurer within any county in any state shallnot be impaired by the pendency of such a proceeding unless thecopy is recorded in the county prior to the consummation of thejudicial sale.
2. After a petition for rehabilitation or liquidation hasbeen filed and before either the receiver takes possession of theproperty of the insurer or an order of rehabilitation orliquidation is granted:
(1) A transfer of any of the property of the insurer, otherthan real property, made to a person acting in good faith shallbe valid against the receiver if made for a present fair marketvalue or, if not made for a present fair market value, then tothe extent of the present consideration actually paid therefor,for which amount the transferee shall have a lien on the propertyso transferred;
(2) A person indebted to the insurer or holding property ofthe insurer may, if acting in good faith, pay the indebtedness ordeliver the property, or any part thereof, to the insurer or uponhis order, with the same effect as if the petition were notpending;
(3) A person having actual knowledge of the pendingrehabilitation or liquidation shall be deemed not to act in goodfaith; and
(4) A person asserting the validity of a transfer underthis section shall have the burden of proof.
Except as elsewhere provided in this section, no transfer by oron behalf of the insurer after the date of the petition forliquidation filed by any person other than the liquidator shallbe valid against the liquidator.
3. Every person receiving any property from the insurer orany benefit thereof which is a fraudulent transfer undersubsection 1 of this section shall be personally liable thereforand shall be bound to account to the liquidator. Any court ofcompetent jurisdiction shall issue an order of contempt uponapplication of the liquidator with respect to any person whofails to make such account.
4. The provisions of sections 375.1150 to 375.1246 shallnot be construed to impair the negotiability of currency ornegotiable instruments.
375.1194. 1. After a petition for rehabilitation orliquidation has been filed, a transfer of any of the realproperty of the insurer made to a person acting in good faithshall be valid against the receiver if made for a present fairmarket value or, if not made for a present fair market value,then to the extent of the present consideration actually paidtherefor, for which amount the transferee shall have a lien onthe property so transferred. The commencement of a proceeding inrehabilitation or liquidation shall be constructive notice uponthe recording of a copy of the petition for or order ofrehabilitation or liquidation with the recorder of deeds in thecounty where any real property in question is located. Theexercise of any authority by a court of the United States or anystate or jurisdiction to authorize or effect a judicial sale ofreal property of the insurer within any county in any state shallnot be impaired by the pendency of such a proceeding unless thecopy is recorded in the county prior to the consummation of thejudicial sale.
2. After a petition for rehabilitation or liquidation hasbeen filed and before either the receiver takes possession of theproperty of the insurer or an order of rehabilitation orliquidation is granted:
(1) A transfer of any of the property of the insurer, otherthan real property, made to a person acting in good faith shallbe valid against the receiver if made for a present fair marketvalue or, if not made for a present fair market value, then tothe extent of the present consideration actually paid therefor,for which amount the transferee shall have a lien on the propertyso transferred;
(2) A person indebted to the insurer or holding property ofthe insurer may, if acting in good faith, pay the indebtedness ordeliver the property, or any part thereof, to the insurer or uponhis order, with the same effect as if the petition were notpending;
(3) A person having actual knowledge of the pendingrehabilitation or liquidation shall be deemed not to act in goodfaith; and
(4) A person asserting the validity of a transfer underthis section shall have the burden of proof.
Except as elsewhere provided in this section, no transfer by oron behalf of the insurer after the date of the petition forliquidation filed by any person other than the liquidator shallbe valid against the liquidator.
3. Every person receiving any property from the insurer orany benefit thereof which is a fraudulent transfer undersubsection 1 of this section shall be personally liable thereforand shall be bound to account to the liquidator. Any court ofcompetent jurisdiction shall issue an order of contempt uponapplication of the liquidator with respect to any person whofails to make such account.
4. The provisions of sections 375.1150 to 375.1246 shallnot be construed to impair the negotiability of currency ornegotiable instruments.
