State Codes and Statutes
Statutes > Missouri > T24 > C375 > 375_1245Priority of nonresident claims, reciprocal states--specialdeposits, priority.
375.1245. 1. In a liquidation proceeding in this stateinvolving one or more reciprocal states, the order ofdistribution of the domiciliary state shall control as to allclaims of residents of this and reciprocal states. All claims ofresidents of reciprocal states shall be given equal priority ofpayment from general assets regardless of where such assets arelocated.
2. The owners of special deposit claims against an insurerfor which a liquidator is appointed in this or any other stateshall be given priority against the special deposits inaccordance with statutes governing the creation and maintenanceof the deposits. If there is a deficiency in any deposit, sothat the claims secured by it are not fully discharged from it,the claimants may share in the general assets, but the sharingshall be deferred until general creditors, and also claimantsagainst other special deposits who have received smallerpercentages from their respective special deposits, have beenpaid percentages of their claims equal to the percentage paidfrom the special deposit.
3. The owner of a secured claim against an insurer forwhich a liquidator has been appointed in this or any other statemay surrender his security and file his claim as a generalcreditor, or the claim may be discharged by resort to thesecurity in accordance with section 375.1218, in which case thedeficiency, if any, shall be treated as a claim against thegeneral assets of the insurer on the same basis as claims ofunsecured creditors.
(L. 1991 H.B. 385, et al. § 107)
