Indiana § 27-9-3-26 Personal liability relating to improper preferences

Indiana Statutes

§ 27-9-3-26 — Personal liability relating to improper preferences

Indiana·Title 27 INSURANCE·Art. 9 SUPERVISION; REHABILITATION;·Ch. 3 Formal Proceedings

(a)Every officer, manager, employee, shareholder, member, subscriber, attorney, or any other person acting on behalf of the insurer who knowingly participates in giving any preference when he has reasonable cause to believe the insurer is or is about to become insolvent at the time of the preference is personally liable to the liquidator for the amount of the preference. If the transfer was made within four (4) months before the date of filing a successful petition for liquidation it may be presumed that the person knew of the pending insolvency.

(b)Every person receiving any property from the insurer (or the benefit of any property) as a preference voidable under section 16(a) of this chapter is personally liable for that property and is bound to account to the liquidator.

(c)Nothing i

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(a) Every officer, manager, employee,
shareholder, member, subscriber, attorney, or any other person acting
on behalf of the insurer who knowingly participates in giving any
preference when he has reasonable cause to believe the insurer is or is
about to become insolvent at the time of the preference is personally
liable to the liquidator for the amount of the preference. If the transfer
was made within four (4) months before the date of filing a successful
petition for liquidation it may be presumed that the person knew of the
pending insolvency.
(b) Every person receiving any property from the insurer (or the
benefit of any property) as a preference voidable under section 16(a)
of this chapter is personally liable for that property and is bound to
account to the liquidator.
(c) Nothing in this section shall prejudice any other claim by the
liquidator against any person.
As added by Acts 1979, P.L.255, SEC.1. Amended by
P.L.1-1991, SEC.168.

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