§ 27-14.3-39 - Filing of claims. - Rhode Island Statutes

SECTION 27-14.3-39

   § 27-14.3-39  Filing of claims. – (a) Proof of all claims shall be filed with the liquidator in the form requiredby § 27-14.3-40 on or before the last day for filing specified in thenotice required under § 27-14.3-26, except that proof of claims for cashsurrender values or other investment values in life insurance and annuitiesneed not be filed unless the liquidator expressly so requires this. Provided,however, only upon the application of the liquidator, the court may allowalternative procedures and requirements for the filing of proofs of claim orfor allowing or proving claims. Upon application, if the court dispenses withthe requirements of filing a proof of claim by a person, class, or group ofpersons, a proof of claim for such persons shall be deemed as having been filedfor all purposes, including the application of guaranty association or foreignguaranty association laws.

   (b) The liquidator may permit a claimant making a late filingto share in distributions, whether past or future, as if the claimant were notlate, to the extent that the payment will not prejudice the orderlyadministration of the liquidation, under the following circumstances:

   (1) The existence of the claim was not known to the claimantand that the claimant filed the claim as promptly thereafter as reasonablypossible after learning of it;

   (2) A transfer to a creditor was avoided under §§27-14.3-30 – 27-14.3-32, or was voluntarily surrendered under §27-14.3-33, and that the filing satisfies the conditions of § 27-14.3-33;and

   (3) The valuation under § 27-14.3-45 of security held bya secured creditor shows a deficiency, which is filed within thirty (30) daysafter the valuation.

   (c) The liquidator may consider any claim filed late which isnot covered by subsection (b) and permit it to receive distributions which aresubsequently declared on any claims of the same or lower priority if thepayment does not prejudice the orderly administration of the liquidation. Thelate filing claimant shall receive, at each distribution, the same percentageof the amount allowed on the claim as is then being paid to claimants of anylower priority. This shall continue until the claim has been paid in full.