reglab/housing_qa huggingface dataset:
TN Code § 56-9-313 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-313. Effect of Issuance of Order Appointing Liquidator — Statute of Limitation and Laches — Standing

   Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity or in arbitration shall be brought against the insurer or liquidator, whether in this state or elsewhere, nor shall any such existing actions be maintained or further presented after issuance of the order.   The courts of this state shall give full faith and credit to injunctions against the liquidator or the company or the continuation of existing actions against the liquidator or the company, when the injunctions are included in an order to liquidate an insurer issued pursuant to corresponding provisions in other states.   Whenever, in the liquidator's judgment, protection of the estate of the insurer necessitates intervention in an action against the insurer that is pending outside this state, the liquidator may intervene in the action. The liquidator may defend any action in which the liquidator intervenes under this section at the expense of the estate of the insurer.      The liquidator may, upon or after an order for liquidation, within two (2) years or such other longer time as applicable law may permit, institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which the order is entered.   Where, by any agreement, a period of limitation is fixed for instituting a suit or proceeding upon any claim, or for filing any claim, proof of claim, proof of loss, demand, notice, or the like, or where in any proceeding, judicial or otherwise, a period of limitation is fixed, either in the proceeding or by applicable law, for taking any action, filing any claim or pleading, or doing any act, and where in any such case the period had not expired at the date of the filing of the petition, the liquidator may, for the benefit of the estate, take any such action or do any such act, required of or permitted to the insurer, within a period of one hundred eighty (180) days subsequent to the entry of an order for liquidation, or within a further period as is shown to the satisfaction of the court not to be unfairly prejudicial to the other party.     No statute of limitation or defense of laches shall run with respect to any action against an insurer between the filing of a petition for liquidation against an insurer and the denial of the petition. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least sixty (60) days after the petition is denied.   Any guaranty association or foreign guaranty association has standing to appear in any court proceeding concerning the liquidation of an insurer if the association is or may become liable to act as a result of the liquidation.
TN Code § 56-9-314 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-314. List of Insurer's Assets — Where Filed — Liquidation of Assets

  As soon as practicable after the liquidation order, but not later than one hundred twenty (120) days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One (1) copy shall be filed in the office of the clerk of the chancery court of Davidson County and one (1) copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.   The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.   A submission to the court for disbursement of assets in accordance with § 56-9-322 fulfills the requirements of subsection (a).
TN Code § 56-9-316 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-316. Transfers of Property After Filing of Petition for Rehabilitation or Liquidation — Effect

   After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred.   The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the recorder of deeds in the county where any real property in question is located.   The exercise by a court of the United States or any state or jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of such a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale.      After a petition for rehabilitation or liquidation has been filed, and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:  A transfer of any of the property of the insurer, other than real property, made to a person acting in good faith is valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred;   A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part of the property, to the insurer or upon the insurer's order, with the same effect as if the petition were not pending;   A person having actual knowledge of the pending rehabilitation or liquidation shall be deemed not to act in good faith; and   A person asserting the validity of a transfer under this section has the burden of proof.     Except as elsewhere provided in this section, no transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator shall be valid against the liquidator.     Every person receiving any property from the insurer or any benefit that is a fraudulent transfer under subsection (a) is personally liable therefor and is bound to account to the liquidator.   Nothing in this chapter impairs the negotiability of currency or negotiable instruments.
TN Code § 56-9-318 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-318. Claims of Creditors

  No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance voidable under this chapter shall be allowed unless the creditor surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within thirty (30) days from the date of the entering of the final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.   A claim allowable under subsection (a) by reason of the avoidance, whether voluntary or involuntary, or a preference, lien, conveyance, transfer, assignment or encumbrance, may be filed as an excused late filing under § 56-9-323, if filed within thirty (30) days from the date of the avoidance, or within the further time allowed by the court under subsection (a).
TN Code § 56-9-319 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-319. Mutual Debts and Credits — When Offset Allowed

  In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b).   No offset shall be allowed in favor of any such person where:  The obligation of the insurer to the person would not, at the date of the entry of any liquidation order or otherwise, as provided in this chapter, entitle the person to share as a claimant in the assets of the insurer;   The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as an offset; or   The obligation of the person is to pay an assessment levied against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer.
TN Code § 56-9-320 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-320. Assessment — Liquidator to Make Report to Court — Levy of Assessment on Members of Insurer — Enforcement

  As soon as practicable, but not more than two (2) years from the date of an order of liquidation under § 56-9-307 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth:  The reasonable value of the assets of the insurer;   The insurer's probable total liabilities;   The probable aggregate amount of the assessment necessary to pay all claims of creditors and expenses in full, including expenses of administration and costs of collecting the assessment; and   A recommendation as to whether or not an assessment should be made and in what amount.      Upon the basis of the report provided in subsection (a), including any supplements and amendments thereto, the chancery court of Davidson County may levy one (1) or more assessments against all members of the insurer who are subject to assessment.   Subject to any applicable legal limits on assessability, the aggregate assessment shall be for the amount that the sum of the probable liabilities, the expenses of administration, and the estimated cost of collection of the assessment exceeds the value of existing assets, with due regard being given to assessments that cannot be collected economically.     After levy of assessment under subsection (b), the liquidator shall issue an order directing each member who has not paid the assessment pursuant to the order to show cause why the liquidator should not pursue a judgment therefor.   The liquidator shall give notice of the order to show cause by publication and by first class mail to each member liable thereunder mailed to the member's last known address as it appears on the insurer's records, at least twenty (20) days before the return day of the order to show cause.    If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under subsection (c), the court shall make an order adjudging the member liable for the amount of the assessment against the member pursuant to subsection (c), together with costs, and the liquidator shall have a judgment against the member therefor.   If, on or before the return day, the member appears and serves duly verified objections upon the liquidator, the commissioner may hear and determine the matter or may appoint a referee to hear it and make the order as the facts warrant. In the event that the commissioner determines that the objections do not warrant relief from assessment, the member may request the court to review the matter and vacate the order to show cause.     The liquidator may enforce any order or collect any judgment under subsection (e) by any lawful means.
TN Code § 56-9-323 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-323. Proof of Claims — When Filed — Late Filings

  Proof of all claims shall be filed with the liquidator in the form required by § 56-9-324, on or before the last day for filing specified in the notice required under § 56-9-311, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.   The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if the claimant were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation, under the following circumstances:  The existence of the claim was not known to the claimant and the claimant filed the claimant's claim as promptly as reasonably possible after learning of it;   A transfer to a creditor was avoided under §§ 56-9-315 — 56-9-317, or was voluntarily surrendered under § 56-9-318, and that the filing satisfies the conditions of § 56-9-318; and   The valuation under § 56-9-329 of security held by a secured creditor shows a deficiency, which is filed within thirty (30) days after the valuation.     The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if the claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses incurred, or both, subsequent to the last day for filing where the payments were made and expenses incurred as provided by law.   The liquidator may consider any claim filed late that is not covered by subsection (b), and permit it to receive distributions that are subsequently declared on any claims of the same or lower priority, if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on the claimant's claim as is then being paid to claimants of any lower priority. This shall continue until the claimant's claim has been paid in full.
TN Code § 56-9-324 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-324. Proof of Claim — Form — Information to Be Included in Form

  Proof of claim shall consist of a statement, signed by the claimant, that includes all of the following that are applicable:  The particulars of the claim including the consideration given for it;   The identity and amount of the security on the claim;   The payments made on the debt, if any;   That the sum claimed is justly owing and that there is no setoff, counterclaim or defense to the claim;   Any right of priority of payment or other specific right asserted by the claimant;   A copy of the written instrument which is the foundation of the claim; and   The name and address of the claimant and the attorney who represents the claimant, if any.     No claim need be considered or allowed if it does not contain all the information in subsection (a) that may be applicable. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.   At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection (a) and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.   No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, and no judgment or order against an insured or the insurer entered at any time by default or by collusion, need be considered as evidence of liability or of the quantum of damages. No judgment or order against an insured or the insurer entered within four (4) months before the filing of the petition need be considered as evidence of liability or of the quantum of damages.   All claims of a guaranty association or foreign guaranty association shall be in the form and contain the substantiation that may be agreed to by the association and the liquidator.
TN Code § 56-9-325 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-325. Contingent Claims — Claims Made Under Employment Contracts

  The claim of a third party which is contingent only on the third party's first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.   A claim may be allowed even if contingent, if it is filed in accordance with § 56-9-323. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.   Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that the claims may be discounted at the legal rate of interest.   Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under § 56-9-302 or § 56-9-307.
TN Code § 56-9-326 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-326. Third Party Actions Against Insureds — Claims by Insured — Allowance of Claim by Insured — Multiple Claims Under One Policy

  Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.   Whether or not the third party files a claim, the insured may file a claim on the insured's own behalf in the liquidation. If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within sixty (60) days after mailing of the notice required by § 56-9-311, whichever is later, the insured is an unexcused late filer.    The liquidator shall make the liquidator's recommendations to the court under § 56-9-331, for the allowance of an insured's claim under subsection (b) after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. Whenever it seems appropriate, the liquidator shall reconsider the claim on the basis of additional information and amend the liquidator's recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination.    The court may amend its allowance as it thinks appropriate. As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like property, based on the lesser of:   The amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expense of defense; or   The amount allowed on the claims by the court.     After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection (c) is not a reason for unreasonable delay of final distribution and discharge of the liquidator.       If several claims founded upon one (1) policy are filed, whether by third parties or as claims by the insured under this section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as in subsection (c). If any insured's claim is subsequently reduced under subsection (c), the amount thus freed shall be apportioned ratably among the claims that have been reduced under this subsection (d).   No claim may be presented under this section if it is or may be covered by any guaranty association or foreign guaranty association.
TN Code § 56-9-327 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-327. Denial of Claim by Liquidator — Notice — Hearing — Final Disposition — Rules of Procedure

  When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or the claimant's attorney by first class mail at the address shown in the proof of claim. Within thirty (30) days from the mailing of the notice, the claimant may file objections with the liquidator. Any filed objections shall clearly set out all facts and the legal basis, if any, for the objections and the reasons why the claim should be allowed. If no such filing is made, the determination is final.   Whenever objections are filed with the liquidator and the liquidator does not alter the determination of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice of the hearing by first class mail to the claimant or the claimant's attorney and to any other persons directly affected, not less than ten (10) nor more than thirty (30) days before the date of the hearing. The matter may be heard by the court or by a court-appointed referee. The hearing shall be conducted on the record in an informal manner and the formal rules of evidence and civil procedure need not be strictly applied. Hearings shall be held without a jury. Prehearing discovery shall be limited to the pretrial discovery as expressly permitted in arbitration proceedings under title 29, chapter 5.   When a disputed claim is heard by a referee, the referee shall submit written findings of fact and conclusions of law, together with the recommendation for disposition to the court. The referee's recommendation shall become the final judgment of the court, unless objections to the referee's recommendation are filed by the liquidator or a claimant with the court within fifteen (15) days after the recommendation is mailed to the liquidator and claimant.   The final disposition by the court of a disputed claim, whether after a hearing by the court or after a recommendation by a referee, shall be deemed a final judgment for purposes of appeal.   The courts of this state may make special rules of procedure for disputed claims, if such rules are not inconsistent with this chapter.