(a) If an unsecured claim which has been proven and which will become due at a future time or a contingent or unliquidated claim becomes due or certain before the distribution of the estate, and if the claim has been allowed or established by a proceeding, it is paid in the same manner as presently due and absolute claims of the same class.
(b) In other cases, the personal representative or, on petition of the personal representative or the claimant in a special proceeding for that purpose, the Court, may provide for payment of a proven unsecured claim as follows:
(1) if the claimant consents, the claimant may be paid the present value of the claim, taking any uncertainty into account, provided that such present value is determined by arbitration, compromise, or agreement between the claimant and the personal representative; and
(2) arrangement for future payment, or possible payment, on the happening of the contingency or on liquidation may be made by creating a trust, creating an escrow account, giving a mortgage, obtaining a bond or security from a distributee, or otherwise.
(c) A creditor who holds security for an allowable claim due at some future time may rely on such security under section 20-912 or may file the claim as an unsecured claim not yet due, with the right of withdrawing the claim prior to the taking of any action thereon, and, after such withdrawal, rely on such security rights as provided in section 20-912.
(June 24, 1980, D.C. Law 3-72, § 101, 27 DCR 2155; Mar. 21, 1995, D.C. Law 10-241, § 3(jjj), 42 DCR 63; Apr. 9, 1997, D.C. Law 11-255, § 19(k), 44 DCR 1271.)
Prior Codifications1981 Ed., § 20-911.
Editor's NotesApplication of Law 10-241: See Application of Law 10-241 and Emergency act amendment notes to § 20-905.