§ 10-3-528 — Claims of holders of void or voidable rights

(1) No claims of a
creditor who has received or acquired a preference, lien, conveyance, transfer,
assignment, or encumbrance voidable under this part 5 shall be allowed unless
such 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 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.

(2) A claim allowable under subsection (1) of this section by reason of the
avoidance, whether voluntary or involuntary, or a preference, lien, conveyance,
transfer, assignment, or encumbrance, may be filed as an excused last filing under
section 10-3-534 if filed within thirty days from the date of the avoidance, or within
the further time allowed by the court pursuant to subsection (1) of this section.

Legislative History

Source: L. 92: Entire part R&RE, p. 1463, � 14, effective July 1.