House Journal: Page 1367: Monday, April 23, 2001
2 estate of the establishment, an action in which the
3 liquidator intervenes under this section.
4 b. Within two years or such additional time as
5 applicable law may permit, the liquidator, after the
6 issuance of an order for liquidation, may institute an
7 action or proceeding on behalf of the estate of the
8 establishment upon any cause of action against which
9 the period of limitation fixed by applicable law has
10 not expired at the time of the filing of the petition
11 upon which the order is entered. If a period of
12 limitation is fixed by agreement for instituting a
13 suit or proceeding upon a claim, or for filing a
14 claim, proof of claim, proof of loss, demand, notice,
15 or the like, or if in a proceeding, judicial or
16 otherwise, a period of limitation is fixed in the
17 proceeding or pursuant to applicable law for taking an
18 action, filing a claim or pleading, or doing an act,
19 and if the period has not expired at the date of the
20 filing of the petition, the liquidator may, for the
21 benefit of the estate, take any action or do any act,
22 required of or permitted to the establishment, within
23 a period of one hundred eighty days subsequent to the
24 entry of an order for liquidation, or within a further
25 period as is shown to the satisfaction of the court
26 not to be unfairly prejudicial to the other party.
27 c. A statute of limitations or defense of laches
28 shall not run with respect to an action against an
29 establishment between the filing of a petition for
30 liquidation against the establishment and the denial
31 of the petition. An action against the establishment
32 that might have been commenced when the petition was
33 filed may be commenced for at least sixty days after
34 the petition is denied.
35 6. COLLECTION AND LIST OF ASSETS.
36 a. As soon as practicable after the liquidation
37 order but not later than one hundred twenty days after
38 such order, the liquidator shall prepare in duplicate
39 a list of the establishment's assets. The list shall
40 be amended or supplemented as the liquidator may
41 determine. One copy shall be filed in the office of
42 the clerk of court, and one copy shall be retained for
43 the liquidator's files. Amendments and supplements
44 shall be similarly filed.
45 b. The liquidator shall reduce the assets to a
46 degree of liquidity that is consistent with the
47 effective execution of the liquidation.
48 c. A submission of a proposal to the court for
49 distribution of assets in accordance with subsection
50 11 fulfills the requirements of paragraph "a".
© 2001 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Tue Apr 24 13:35:00 CDT 2001
URL: /DOCS/GA/79GA/Session.1/HJournal/01300/01367.html
jhf