South Carolina Statutes
§ 38-19-660 — Rights of holders of loan upon dissolution.
Upon dissolution and liquidation of the insurer the holders of such loan agreements remaining unpaid after the retirement of all the insurer's other outstanding obligations are entitled to payment before any distribution may be made to the insurer's members.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 38-19-660 (Rights of holders of loan upon dissolution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-11-860 [1947 (45) 322; 1952 Code SECTION 37-426; 1962 Code SECTION 37-426] recodified as SECTION 38-19-660 by 1987 Act No. 155, SECTION 1. ARTICLE 9 Conversion or Reinsurance, Liquidation, and Merger
Nearby Sections
15
§ 38-19-10
Membership in mutual insurer.§ 38-19-1010
Fire and storm insurance; suits; seals.§ 38-19-1020
Directors and officers; regulations.§ 38-19-1030
Liability of members; property pledged; lien.§ 38-19-1050
Limit of amount insurance.§ 38-19-1110
Authorization to reorganize.§ 38-19-1120
Transition to domestic mutual insurance holding company system; membership interests of policyholders.§ 38-19-1130
Plan of reorganization; approval; contents.§ 38-19-1150
Policyholder meeting to vote on plan.§ 38-19-1180
Dividends and distributions; effect of adoption or implementation of plan of reorganization.§ 38-19-1190
Demutualization.