Disallowing Preferred Creditor's Claims

1. Law
2. Georgia Code
3. Insurance
4. Insurers Rehabilitation and Liquidation
5. Procedure for Rehabilitation
6. Disallowing Preferred Creditor's Claims

1. No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this chapter shall be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance.If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within 30 days from the date of the entering of the final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.
2. A claim allowable under subsection (a) of this Code section by reason of the avoidance, whether voluntary or involuntary, a preference, lien, conveyance, transfer, assignment, or encumbrance, may be filed as an excused late filing under Code Section 33-37-34 if filed within 30 days from the date of the avoidance, or within the further time allowed by the court under subsection (a) of this Code section.

(Code 1981, §33-37-28, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2019, p. 386, § 138/SB 133.)

The 2019 amendment, effective July 1, 2019, substituted "late filing" for "last filing" in the middle of subsection (b).

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