Wyoming § 26-28-124 Voidable transfers

Wyoming Statutes

§ 26-28-124 — Voidable transfers

Wyoming § 26-28-124

Title 26Insurance Code

Ch. 28REHABILITATION AND LIQUIDATION

This text of Wyoming § 26-28-124 (Voidable transfers) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 26-28-124 (2026).

Text

(a)Any transfer of, or lien upon, an insurer's property is voidable if it is:

(i)Made or created within four (4) months prior to the granting of an order to show cause under this chapter, with the intent of giving to any creditor a preference or of enabling him to obtain a greater percentage of his debt than any other creditor of the same class; and

(ii)Accepted by the creditor having reasonable cause to believe that the preference will occur.

(b)Any director, officer, employee, stockholder, member, subscriber and any other person acting on the insurer's behalf who is involved in any such act or deed and any person receiving thereby any of the insurer's property or the benefit of that property is personally liable therefor and is accountable to the commissioner.

(c)The commissioner as

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(a) Any transfer of, or lien upon, an insurer's property
is voidable if it is:
(i) Made or created within four (4) months prior to
the granting of an order to show cause under this chapter, with
the intent of giving to any creditor a preference or of enabling
him to obtain a greater percentage of his debt than any other
creditor of the same class; and
(ii) Accepted by the creditor having reasonable cause
to believe that the preference will occur.
(b) Any director, officer, employee, stockholder, member,
subscriber and any other person acting on the insurer's behalf
who is involved in any such act or deed and any person receiving
thereby any of the insurer's property or the benefit of that
property is personally liable therefor and is accountable to the
commissioner.
(c) The commissioner as a receiver in any proceeding under
this chapter may avoid any transfer of or lien upon an insurer's
property which any creditor, stockholder, subscriber or member
of the insurer might have avoided and may recover the property
so transferred unless the person is a bona fide holder for value
prior to the date of the entering of an order to show cause
under this chapter. The property or its value may be recovered
from anyone who receives it except a bona fide holder for value
as specified in this subsection.