§ 10-3-536 — Special claims

Colorado § 10-3-536

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) The claim of a third party which is contingent
only on such party's first obtaining a judgment against the insured shall be
considered and allowed as though there were no such contingency.

(2) A claim may be allowed, even if contingent, if it is filed in accordance with
section 10-3-534; and such claim 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.

(3) Claims that are due except for the passage of time shall be treated in the
same manner as are absolute claims; except that such claims may be discounted at
the legal rate of interest.

(4) 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 section 10-3-512 or 10-3-517.

Legislative History

Source: L. 92: Entire part R&RE, p. 1472, � 14, effective July 1.