4:12-8 - Proceedings by secretary to determine amount due each creditor
4:12-8.Ā Proceedings by secretary to determine amount due each creditor
The secretary shall audit claims properly filed and determine the amounts due all such creditors.
After the expiration of ninety days from the termination of a license periodĀ or sooner if it appears practicable to do so, the secretary shall, by sale ofĀ the securities or by demand upon the surety secure an amount necessary toĀ satisfy all claims properly filed.Ā If the surety shall not make payment uponĀ demand by the secretary, he shall by action recover from the surety the amountĀ necessary to satisfy such claims, which sum shall not exceed the amount of theĀ bond filed.Ā Upon securing moneys available for the satisfaction of such claimsĀ in accordance with this section, the secretary shall make distribution to theĀ claimants in accordance with the proofs filed, either ratably, or in full asĀ the case may be.
If a creditor has reduced his claim to judgment, the judgment shall be presumptive proof of the amount due him.
The secretary shall audit claims properly filed and determine the amounts due all such creditors.
After the expiration of ninety days from the termination of a license periodĀ or sooner if it appears practicable to do so, the secretary shall, by sale ofĀ the securities or by demand upon the surety secure an amount necessary toĀ satisfy all claims properly filed.Ā If the surety shall not make payment uponĀ demand by the secretary, he shall by action recover from the surety the amountĀ necessary to satisfy such claims, which sum shall not exceed the amount of theĀ bond filed.Ā Upon securing moneys available for the satisfaction of such claimsĀ in accordance with this section, the secretary shall make distribution to theĀ claimants in accordance with the proofs filed, either ratably, or in full asĀ the case may be.
If a creditor has reduced his claim to judgment, the judgment shall be presumptive proof of the amount due him.