reglab/housing_qa huggingface dataset:
8 V.S.A. § 7080
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7080. Secured creditor's claims

§ 7080. Secured creditor's claims|(a) The value of any security held by a secured creditor shall be determined in one of the following ways, as the Court may direct:  (1) by converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or (2) by agreement, arbitration, compromise, or litigation between the creditor and the liquidator.   (b) The determination made under subsection (a) of this section shall be under the supervision and control of the Court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his or her security to the liquidator, the entire claim shall be allowed as if unsecured. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7082
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7082. Liquidator's recommendations to the Court

§ 7082. Liquidator's recommendations to the Court|(a) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as he or she shall deem necessary. He or she may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under section 7078 of this title. As soon as practicable, the liquidator shall present to the Court a report of the claims against the insurer with recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.(b) The Court may approve, disapprove, or modify the report on claims by the liquidator. Reports that are not modified by the Court within a period of 60 days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject to later modification or to rulings made by the Court pursuant to section 7078 of this title. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7083
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7083. Distribution of assets

§ 7083. Distribution of assets|Under the direction of the Court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the Court. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7084
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7084. Unclaimed and withheld funds

§ 7084. Unclaimed and withheld funds|(a) All unclaimed funds subject to distribution remaining in the liquidator's hands when he or she is ready to apply to the Court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the State Treasurer, and shall be paid without interest except in accordance with section 7081 of this title to the person entitled thereto or his or her legal representative upon proof satisfactory to the State Treasurer of his or her right thereto. Any amount on deposit not claimed within seven years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited with the General Fund.(b) All funds withheld under section 7077 of this title and not distributed shall upon discharge of the liquidator be deposited with the State Treasurer and paid by him or her in accordance with section 7077 of this title. Any sums remaining which under section 7077 of this title would revert to the undistributed assets of the insurer shall be transferred to the State Treasurer and become the property of the State under subsection (a) of this section, unless the Commissioner in his or her discretion petitions the court to reopen the liquidation under section 7086 of this title. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7085
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7085. Termination of proceedings

§ 7085. Termination of proceedings|(a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the Court for discharge. The Court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be deemed appropriate.(b) Any other person may apply to the Court at any time for an order under subsection (a) of this section. If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including reasonable attorney's fees. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7086
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7086. Reopening liquidation

§ 7086. Reopening liquidation|After the liquidation proceeding has been terminated and the liquidator discharged, the Commissioner or other interested party may at any time petition the Superior Court of Washington County to reopen the proceedings for good cause, including the discovery of additional assets. If the Court is satisfied that there is justification for reopening, it shall so order. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7087
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7087. Disposition of records during and after termination of liquidation

§ 7087. Disposition of records during and after termination of liquidation|Whenever it shall appear to the Commissioner that the records of any insurer in process of liquidation or completely liquidated are no longer useful and are no longer required by law to be retained, the Commissioner may recommend to the Court and the Court shall direct what records should be retained for future reference and what should be destroyed. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7088
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7088. External audit of the receiver's books

§ 7088. External audit of the receiver's books|The Superior Court of Washington County may, as it deems desirable, cause audits to be made of the books of the Commissioner relating to any receivership established under this chapter, and a report of each audit shall be filed with the Commissioner and with the Court. The books, records, and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the receivership. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7091
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7091. Conservation of property of foreign or alien insurers found in this State

§ 7091. Conservation of property of foreign or alien insurers found in this State|(a) If a domiciliary liquidator has not been appointed, the Commissioner may apply to the Superior Court of Washington County by verified petition for an order directing him or her to act as conservator to conserve the property of an alien insurer not domiciled in this State or a foreign insurer on any one or more of the following grounds:  (1) any of the grounds established by section 7051 of this title; (2) any of the insurer's property has been sequestered by official action in its domiciliary state, or in any other state; (3) enough of the insurer's property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent; (4)(A) the insurer's certificate of authority to do business in this State has been revoked or none was ever issued; and  (B) there are residents of this State with outstanding claims or outstanding policies.    (b) When an order is sought under subsection (a) of this section, the Court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.(c) The Court may issue the order in whatever terms it shall deem appropriate. The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which the principal business of the company is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted.(d) The conservator may at any time petition for and the Court may grant an order under section 7092 of this title to liquidate assets of a foreign or alien insurer under conservation, or, if appropriate, for an order under section 7094 of this title, to be appointed ancillary receiver.(e) The conservator may at any time petition the Court for an order terminating conservation of an insurer. If the Court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The Court may also make such finding and issue such order at any time upon motion of any interested party, but if such motion is denied all costs including, reasonable attorney's fees, shall be assessed against such party. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7092
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7092. Liquidation of property of foreign or alien insurers found in this State

§ 7092. Liquidation of property of foreign or alien insurers found in this State|(a) If no domiciliary receiver has been appointed, the Commissioner may apply to the Superior Court of Washington County by verified petition for an order directing him or her to liquidate the assets found in this State of a foreign insurer or an alien insurer not domiciled in this State, on any of the following grounds:  (1) any of the grounds established in section 7051 or 7056 of this title; or (2) any of the grounds established in subdivisions 7091(a)(2) through (4) of this title.   (b) When an order is sought under subsection (a) of this section, the Court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.(c) If it shall appear to the Court that the best interests of creditors, policyholders, and the public require, the Court may issue an order to liquidate in whatever terms it shall deem appropriate. The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which the principal business of the company is located or the town in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted.(d) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under section 7094 of this title. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the Court for permission to act as ancillary receiver under section 7094 of this title.(e) On the same grounds as are established in subsection (a) of this section, the Commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the Court will exercise jurisdiction, or any lesser part thereof that the Commissioner deems desirable for the protection of the policyholders and creditors in this State.(f) The Court may order the Commissioner, when he or she has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of this State against the insurer under such rules as to the liquidation of insurers under this chapter as are otherwise compatible with the provisions of this section. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7093
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7093. Domiciliary liquidators in other states

§ 7093. Domiciliary liquidators in other states|(a) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under subsection 7094(c) of this title, be vested by operation of law with the title to all of the assets, property, contracts, and rights of action, agents' balances, and all of the books, accounts, and other records of the insurer located in this State. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in this State. He or she also shall have the right to recover all other assets of the insurer located in this State, subject to section 7094 of this title.(b) If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the Commissioner of this State shall be vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books, accounts, and other records of the insurer located in this State, at the same time that the domiciliary liquidator is vested with title in the domicile. The Commissioner of this State may petition for a conservation or liquidation order under section 7091 or 7092 of this title, or for an ancillary receivership under section 7094 of this title, or after approval by the Superior Court of Washington County may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.(c) Claimants residing in this State may file claims with the liquidator or ancillary receiver, if any, in this State or with the domiciliary liquidator, if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7094
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7094. Ancillary formal proceedings

§ 7094. Ancillary formal proceedings|(a) If a domiciliary liquidator has been appointed for an insurer not domiciled in this State, the Commissioner may file a petition with the Superior Court of Washington County requesting appointment as ancillary receiver in this State if the Commissioner finds that:  (1) there are sufficient assets of the insurer located in this State to justify the appointment of an ancillary receiver; or (2) the protection of creditors or policyholders in this State so requires.   (b) The Court may issue an order appointing an ancillary receiver in whatever terms it shall deem appropriate. The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which its principal office or place of business is located; or, in the case of real estate, with the town clerk of the town where the property is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted.(c) When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this State may, whenever necessary, aid and assist the domiciliary liquidator in recovering assets of the insurer located in this State. The ancillary receivers shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this State, and shall pay the necessary expenses of the proceedings. The ancillary receiver shall promptly transfer all remaining assets, books, accounts, and records to the domiciliary liquidator. Subject to this section, the ancillary receiver and his or her deputies shall have the same powers and be subject to the same duties with respect to the administration of assets as a liquidator of an insurer domiciled in this State.(d) When a domiciliary liquidator has been appointed in this State, ancillary receivers appointed in reciprocal states shall have, as to assets and books, accounts, and other records in their respective states, corresponding rights, duties, and powers to those provided in subsection (c) of this section for ancillary receivers appointed in this State. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7095
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7095. Ancillary summary proceedings

§ 7095. Ancillary summary proceedings|The Commissioner in his or her sole discretion may institute proceedings under subchapter 2 of this chapter at the request of the Commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this State. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7096
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7096. Claims of nonresidents against insurers domiciled in this State

§ 7096. Claims of nonresidents against insurers domiciled in this State|(a) In a liquidation proceeding begun in this State against an insurer domiciled in this State, claimants residing in foreign countries or in states not reciprocal states must file claims in this State, and claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary liquidator. Claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceeding.(b) Claims belonging to claimants residing in reciprocal states may be proved either in the liquidation proceeding in this State as provided in this chapter, or in ancillary proceedings, if any, in the reciprocal states. If notice of the claims and opportunity to appear and be heard is afforded the domiciliary liquidator of this State as provided in subsection 7097(b) of this title with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal states shall be conclusive as to amount and as to priority against special deposits or other security located in such ancillary states, but shall not be conclusive with respect to priorities against general assets under section 7081 of this title. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7097
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7097. Claims of residents against insurers domiciled in reciprocal states

§ 7097. Claims of residents against insurers domiciled in reciprocal states|(a) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who resides within this State may file claims either with the ancillary receiver, if any, in this State, or with the domiciliary liquidator. Claims must be filed on or before the last dates fixed for the filing of claims in the domiciliary liquidation proceeding.(b) Claims belonging to claimants residing in this State may be proved either in the domiciliary state under the law of that state, or in ancillary proceedings, if any, in this State. If a claimant elects to prove his or her claim in this State, the claimant shall file the claim with the liquidator in the manner provided in sections 7074 and 7075 of this title. The ancillary receiver shall make his or her recommendation to the court as provided under section 7082 of this title. The ancillary receiver shall also arrange a date for hearing if necessary under section 7078 of this title and shall give notice to the liquidator in the domiciliary state, either by certified mail or by personal service at least 40 days prior to the date set for hearing. If the domiciliary liquidator, within 30 days after the giving of such notice, gives notice in writing to the ancillary receiver and to the claimant, either by certified mail or by personal service, of his or her intention to contest the claim, the domiciliary liquidator shall be entitled to appear or to be represented in any proceeding in this State involving the adjudication of the claim.(c) The final allowance of the claim by the courts of this State shall be accepted as conclusive as to amount and as to priority against special deposits or other security located in this State. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7098
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7098. Attachment, garnishment and levy of execution

§ 7098. Attachment, garnishment and levy of execution|During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or maintained in this State against the delinquent insurer or its assets. (Added 1991, No. 45, § 2, eff. May 29, 1991.)