Rhode Island § 27-14.3-44 § 27-14.3-44. Claims of surety.

Rhode Island Statutes

§ 27-14.3-44 — § 27-14.3-44. Claims of surety.

Rhode Island § 27-14.3-44

Title 27Insurance

Ch. 27-14.3Insurersâ€™ Rehabilitation and Liquidation Act

This text of Rhode Island § 27-14.3-44 (§ 27-14.3-44. Claims of surety.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 27-14.3-44 (2026).

Text

§ 27-14.3-44. Claims of surety.
Whenever a creditor, whose claim against an insurer is secured, in whole or in part,
            by the undertaking of another person, fails to prove and file that claim, the other
            person may do so in the creditor's name, and shall be subrogated to the rights of
            the creditor, whether the claim has been filed by the creditor or by the other person
            in the creditor's name, to the extent that he or she discharges the undertaking. In
            the absence of an agreement with the creditor to the contrary, the other person shall
            not be entitled to any distribution until the amount paid to the creditor on the undertaking
            plus the dist

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§ 27-14.3-44. Claims of surety.

Whenever a creditor, whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he or she discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by the creditor in trust for the other person. The term "other personâ€� as used in this section is not intended to apply to a guaranty association or foreign guaranty association.