State Codes and Statutes
Statutes > Rhode-island > Title-27 > Chapter-27-14-3 > 27-14-3-62SECTION 27-14.3-62
§ 27-14.3-62 Interstate priorities. –(a) In a liquidation proceeding in this state involving one or more reciprocalstates, the order of distribution of the domiciliary state shall control as toall claims of residents of this and reciprocal states. All claims of residentsof reciprocal states shall be given equal priority of payment from generalassets regardless of where those assets are located.
(b) The owners of special deposit claims against an insurerfor which a liquidator is appointed in this or any other state shall be givenpriority against the special deposits in accordance with the statutes governingthe creation and maintenance of the deposits. If there is a deficiency in anydeposit, so that the claims secured by it are not fully discharged from it, theclaimants may share in the general assets, but the sharing shall be deferreduntil general creditors, and also claimants against other special deposits whohave received smaller percentages from their respective special deposits, havebeen paid a percentage of their claims equal to the percentage paid from thespecial deposit.
(c) The owner of a secured claim against an insurer for whicha liquidator has been appointed in this or any other state may surrender his orher security and file his or her claim as a general creditor, or the claim maybe discharged by resort to the security in accordance with § 27-14.3-45,in which case the deficiency, if any, shall be treated as a claim against thegeneral assets of the insurer of the same basis as claims of unsecuredcreditors.
