House Journal: Page 1374: Monday, April 23, 2001
Page 53
1 effected by a proceeding in which a final judgment has
2 been entered, the claim shall not be allowed unless
3 the money is paid or the property is delivered to the
4 liquidator within thirty days from the date of the
5 entering of the final judgment. However, the court
6 having jurisdiction over the liquidation may allow
7 further time if there is an appeal or other
8 continuation of the proceeding.
9 b. A claim allowable under paragraph "a" by reason
10 of a voluntary or involuntary avoidance, preference,
11 lien, conveyance, transfer, assignment, or encumbrance
12 may be filed as an excused late filing under
13 subsection 12, if filed within thirty days from the
14 date of the avoidance or within the further time
15 allowed by the court under paragraph "a".
16 11. LIQUIDATOR'S PROPOSAL TO DISTRIBUTE ASSETS.
17 a. From time to time as assets become available,
18 the liquidator shall make application to the court for
19 approval of a proposal to disburse assets out of
20 marshaled assets.
21 b. The proposal shall at least include provisions
22 for all of the following:
23 (1) Reserving amounts for the payment of all the
24 following:
25 (a) Expenses of administration.
26 (b) To the extent of the value of the security
27 held, the payment of claims of secured creditors.
28 (c) Claims falling within the priorities
29 established in subsection 18, paragraphs "a" and "b".
30 (2) Disbursement of the assets marshaled to date
31 and subsequent disbursement of assets as they become
32 available.
33 c. Action on the application may be taken by the
34 court provided that the liquidator's proposal complies
35 with paragraph "b".
36 12. FILING OF CLAIMS.
37 a. Proof of all claims shall be filed with the
38 liquidator in the form required by subsection 13 on or
39 before the last day for filing specified in the notice
40 required under subsection 4.
41 b. The liquidator may permit a claimant making a
42 late filing to share in distributions, whether past or
43 future, as if the claimant were not late, to the
44 extent that the payment will not prejudice the orderly
45 administration of the liquidation under any of the
46 following circumstances:
47 (1) The existence of the claim was not known to
48 the claimant and the claimant filed the claim as
49 promptly as reasonably possible after learning of it.
50 (2) A transfer to a creditor was avoided under
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League of Women Voters of Iowa
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