Proof of claim, filed when--effect of late filing.
375.1206. 1. Proof of all claims shall be filed with theliquidator in the form required by section 375.1208 on or beforethe last day for filing specified in the notice required undersection 375.1185, except that proofs of claim for cash surrendervalues or other investment values in life insurance and annuitiesneed not be filed unless the liquidator expressly so requires.However, only upon application of the liquidator, the court mayallow alternative procedures and requirements for the filing ofproofs of claim or for allowing or proving claims. Upon suchapplication, if the court dispenses with the requirement offiling a proof of claim by a person, class or group of persons, aproof of claim for such persons shall be deemed as having beenfiled for all purposes, including the application of guarantyassociation or foreign guaranty association laws.
2. The liquidator, in his absolute discretion, may permit aclaimant making a late filing to share in distributions, whetherpast or future, as if he were not late, to the extent that anysuch payment will not prejudice the orderly administration of theliquidation, under any of the following circumstances:
(1) The existence of the claim was not known to theclaimant and that he filed this claim as promptly thereafter asreasonably possible after learning of it;
(2) A transfer to a creditor was avoided pursuant tosections 375.1192 to 375.1195, or was voluntarily surrenderedpursuant to section 375.1196, and that the filing satisfies theconditions of section 375.1196; or
(3) The valuation pursuant to section 375.1216 of securityheld by a secured creditor shows a deficiency, which is filedwithin thirty days after the valuation.
3. The liquidator, in his absolute discretion, may considerany claim filed late which is not covered by subsection 2 of thissection, and permit the claimant to receive distributions whichare subsequently declared on any claims of the same or lowerpriority if the payment does not prejudice the orderlyadministration of the liquidation. The late filing claimantshall receive, at each distribution, the same percentage of theamount allowed on his claim as is then being paid to claimants ofany lower priority. These distributions shall continue until hisclaim has been paid in full.
Proof of claim, filed when--effect of late filing.
375.1206. 1. Proof of all claims shall be filed with theliquidator in the form required by section 375.1208 on or beforethe last day for filing specified in the notice required undersection 375.1185, except that proofs of claim for cash surrendervalues or other investment values in life insurance and annuitiesneed not be filed unless the liquidator expressly so requires.However, only upon application of the liquidator, the court mayallow alternative procedures and requirements for the filing ofproofs of claim or for allowing or proving claims. Upon suchapplication, if the court dispenses with the requirement offiling a proof of claim by a person, class or group of persons, aproof of claim for such persons shall be deemed as having beenfiled for all purposes, including the application of guarantyassociation or foreign guaranty association laws.
2. The liquidator, in his absolute discretion, may permit aclaimant making a late filing to share in distributions, whetherpast or future, as if he were not late, to the extent that anysuch payment will not prejudice the orderly administration of theliquidation, under any of the following circumstances:
(1) The existence of the claim was not known to theclaimant and that he filed this claim as promptly thereafter asreasonably possible after learning of it;
(2) A transfer to a creditor was avoided pursuant tosections 375.1192 to 375.1195, or was voluntarily surrenderedpursuant to section 375.1196, and that the filing satisfies theconditions of section 375.1196; or
(3) The valuation pursuant to section 375.1216 of securityheld by a secured creditor shows a deficiency, which is filedwithin thirty days after the valuation.
3. The liquidator, in his absolute discretion, may considerany claim filed late which is not covered by subsection 2 of thissection, and permit the claimant to receive distributions whichare subsequently declared on any claims of the same or lowerpriority if the payment does not prejudice the orderlyadministration of the liquidation. The late filing claimantshall receive, at each distribution, the same percentage of theamount allowed on his claim as is then being paid to claimants ofany lower priority. These distributions shall continue until hisclaim has been paid in full.
Proof of claim, filed when--effect of late filing.
375.1206. 1. Proof of all claims shall be filed with theliquidator in the form required by section 375.1208 on or beforethe last day for filing specified in the notice required undersection 375.1185, except that proofs of claim for cash surrendervalues or other investment values in life insurance and annuitiesneed not be filed unless the liquidator expressly so requires.However, only upon application of the liquidator, the court mayallow alternative procedures and requirements for the filing ofproofs of claim or for allowing or proving claims. Upon suchapplication, if the court dispenses with the requirement offiling a proof of claim by a person, class or group of persons, aproof of claim for such persons shall be deemed as having beenfiled for all purposes, including the application of guarantyassociation or foreign guaranty association laws.
2. The liquidator, in his absolute discretion, may permit aclaimant making a late filing to share in distributions, whetherpast or future, as if he were not late, to the extent that anysuch payment will not prejudice the orderly administration of theliquidation, under any of the following circumstances:
(1) The existence of the claim was not known to theclaimant and that he filed this claim as promptly thereafter asreasonably possible after learning of it;
(2) A transfer to a creditor was avoided pursuant tosections 375.1192 to 375.1195, or was voluntarily surrenderedpursuant to section 375.1196, and that the filing satisfies theconditions of section 375.1196; or
(3) The valuation pursuant to section 375.1216 of securityheld by a secured creditor shows a deficiency, which is filedwithin thirty days after the valuation.
3. The liquidator, in his absolute discretion, may considerany claim filed late which is not covered by subsection 2 of thissection, and permit the claimant to receive distributions whichare subsequently declared on any claims of the same or lowerpriority if the payment does not prejudice the orderlyadministration of the liquidation. The late filing claimantshall receive, at each distribution, the same percentage of theamount allowed on his claim as is then being paid to claimants ofany lower priority. These distributions shall continue until hisclaim has been paid in full.
