§ 27-14.4-15 - Secured claims. - Rhode Island Statutes

SECTION 27-14.4-15

   § 27-14.4-15  Secured claims. – The owner of a secured claim against an insurer for which a receiver has beenappointed in this or any other state may surrender his or her security and filehis or her claim as a general creditor, or the claim may be discharged byresort to the security, in which case the deficiency, if any, shall be treatedas a claim against the general assets of the insurer on the same basis as theclaims of unsecured creditors. If the amount of the deficiency has beenadjudicated in ancillary proceedings as provided in this chapter, or if it hasbeen adjudicated by a court of competent jurisdiction in proceedings in whichthe domiciliary receiver has had notice and opportunity to be heard, thatamount shall be conclusive; otherwise the amount shall be determined in thedelinquency proceeding in the domiciliary state.