House Journal: Page 1376: Monday, April 23, 2001
Page 55
1 evidence of liability or of the amount of damages. A
2 judgment or order against an establishment before the
3 filing of the petition need not be considered as
4 evidence of liability or of the amount of damages.
5 14. SPECIAL CLAIMS.
6 a. A claim may be allowed even if contingent, if
7 it is filed pursuant to subsection 12. The claim may
8 be allowed and the claimant may participate in all
9 distributions declared after it is filed to the extent
10 that it does not prejudice the orderly administration
11 of the liquidation.
12 b. Claims that are due except for the passage of
13 time shall be treated as absolute claims are treated.
14 However, the claims may be discounted at the legal
15 rate of interest.
16 c. Claims made under employment contracts by
17 directors, principal officers, or persons in fact
18 performing similar functions or having similar powers
19 are limited to payment for services rendered prior to
20 the issuance of an order of liquidation under
21 subsection 2.
22 15. DISPUTED CLAIMS.
23 a. If a claim is denied in whole or in part by the
24 liquidator, written notice of the determination shall
25 be given to the claimant or the claimant's attorney by
26 first-class mail at the address shown in the proof of
27 claim. Within sixty days from the mailing of the
28 notice, the claimant may file objections with the
29 liquidator. Unless a filing is made, the claimant
30 shall not further object to the determination.
31 b. If objections are filed with the liquidator and
32 the liquidator does not alter the denial of the claim
33 as a result of the objections, the liquidator shall
34 ask the court for a hearing as soon as practicable and
35 give notice of the hearing by first-class mail to the
36 claimant or the claimant's attorney and to any other
37 persons directly affected. The notice shall be given
38 not less than ten nor more than thirty days before the
39 date of hearing. The matter shall be heard by the
40 court or by a court-appointed referee. The referee
41 shall submit findings of fact along with a
42 recommendation.
43 16. CLAIMS OF OTHER PERSON. If a creditor, whose
44 claim against an establishment is secured in whole or
45 in part by the undertaking of another person, fails to
46 prove and file that claim, then the other person may
47 do so in the creditor's name and shall be subrogated
48 to the rights of the creditor, whether the claim has
49 been filed by the creditor or by the other person in
50 the creditor's name to the extent that the other
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League of Women Voters of Iowa
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