375.1196. Claims of creditor, surrender of preference required. - Missouri Statutes

Claims of creditor, surrender of preference required.

375.1196. 1. No claims of a creditor who has received oracquired a preference, lien, conveyance, transfer, assignment orencumbrance voidable under sections 375.1150 to 375.1246 shall beallowed unless he surrenders the preference, lien, conveyance,transfer, assignment or encumbrance. If an avoidance is effectedby a proceeding in which a final judgment has been entered, theclaim shall not be allowed unless the money is paid or theproperty is delivered to the liquidator within thirty days fromthe date of the entry of judgment, except that the court havingjurisdiction over the liquidation may allow further time if thereis an appeal or other continuation of the proceeding.

2. A claim allowable under subsection 1 of this section byreason of the avoidance, whether voluntary or involuntary, of apreference, lien, conveyance, transfer, assignment orencumbrance, may be filed as an excused late filing under section375.1206 if filed within thirty days from the date of theavoidance, or within the further time allowed by the court undersubsection 1 of this section.

(L. 1991 H.B. 385, et al. § 78)