§ 58-30-185. Filing of claims. - North Carolina Statutes

§ 58‑30‑185. Filing of claims.

(a)        Proof of all claimsshall be filed with the liquidator in the form required by G.S. 58‑30‑190on or before the last day for filing specified in the notice required underG.S. 58‑30‑125, except that proof of claims for cash surrendervalues or other investment values in life insurance and annuities need not befiled unless the liquidator expressly so requires.

(b)        The liquidator maypermit a claimant making a late filing to share in distributions, whether pastor future, as if he were not late, to the extent that any such payment will notprejudice the orderly administration of the liquidation, under the followingcircumstances:

(1)        The existence of theclaim was not known to the claimant and that he filed his claim as promptlythereafter as reasonably possible after learning of it;

(2)        A transfer to acreditor was avoided under G.S. 58‑30‑140 through 58‑30‑150,or was voluntarily surrendered under G.S. 58‑30‑155, and that thefiling satisfies the conditions of G.S. 58‑30‑155; and

(3)        The valuation underG.S. 58‑30‑215, of security held by a secured creditor shows adeficiency, that is filed within 30 days after the valuation.

(c)        The liquidatorshall permit late filing claims to share in distributions, whether past orfuture, as if they were not late, if such claims are claims of a guarantyassociation or foreign guaranty association for reimbursement of covered claimspaid or expenses incurred, or both, subsequent to the last day for filing wheresuch payments were made and expenses incurred as provided by law.  Claims ofdomestic and foreign guaranty associations for reimbursement of covered claimspaid or expenses incurred shall be deemed to be absolute.

(d)        The liquidator mayconsider any claim filed late that is not covered by subsection (b) of thissection, and permit it to receive distributions that are subsequently declaredon any claims of the same or lower priority if the payment does not prejudicethe orderly administration of the liquidation.  The late‑filing claimantshall receive, at each distribution, the same percentage of the amount allowedon his claim as is then being paid to claimants of any lower priority.  Thisshall continue until his claim has been paid in full. (1989,c. 452, s. 1.)