375.1210. Contingent claims, allowed when, exceptions. - Missouri Statutes

Contingent claims, allowed when, exceptions.

375.1210. 1. The claim of a third party which iscontingent only on his first obtaining a judgment against theinsured shall be considered and allowed as if there were no suchcontingency.

2. A claim may be allowed even if contingent, if it isfiled in accordance with section 375.1206. It may be allowed andmay participate in all distributions declared after it is filedto the extent that it does not prejudice the orderlyadministration of the liquidation.

3. Claims that are due except for the passage of time shallbe treated as absolute claims are treated, except that suchclaims may be discounted at the legal rate of interest forjudgments.

4. Claims made under employment contracts by directors,principal officers, or persons in fact performing similarfunctions or having similar powers are limited to payment forservices rendered prior to the issuance of any order ofrehabilitation or liquidation under section 375.1168 or 375.1176.

(L. 1991 H.B. 385, et al. § 86)