375.1215. Subrogated claim, allowed when. - Missouri Statutes

Subrogated claim, allowed when.

375.1215. Whenever a creditor whose claim against aninsurer is secured, in whole or in part, by the undertaking ofanother person, fails to prove and file that claim, the otherperson may do so in the creditor's name, and shall be subrogatedto the rights of the creditor, whether the claim has been filedby the creditor or by the other person in the creditor's name, tothe extent that he discharges the undertaking. In the absence ofan agreement with the creditor to the contrary, the other personshall not be entitled to any distribution, however, until theamount paid to the creditor on the undertaking plus thedistributions paid on the claim from the insurer's estate to thecreditor equals the amount of the entire claim of the creditor.Any excess received by the creditor shall be held by him in trustfor such other person. The term "other person", as used in thissection, is not intended to apply to a guaranty association orforeign guaranty association.

(L. 1991 H.B. 385, et al. § 89)