House Journal: Page 1377: Monday, April 23, 2001
Page 56
1 person discharges the undertaking. However, in the
2 absence of an agreement with the creditor to the
3 contrary, the other person is not entitled to any
4 distribution until the amount paid to the creditor on
5 the undertaking plus the distributions paid on the
6 claim from the establishment's estate to the creditor
7 equal the amount of the entire claim of the creditor.
8 An excess received by the creditor shall be held by
9 the creditor in trust for the other person.
10 17. SECURED CREDITOR'S CLAIMS.
11 a. The value of the security held by a secured
12 creditor shall be determined in one of the following
13 ways, as the court may direct:
14 (1) By converting the security into money
15 according to the terms of the agreement pursuant to
16 which the security was delivered to the creditors.
17 (2) By agreement, arbitration, compromise, or
18 litigation between the creditor and the liquidator.
19 b. The determination shall be under the
20 supervision and control of the court with due regard
21 for the recommendation of the liquidator. The amount
22 so determined shall be credited upon the secured
23 claim. A deficiency shall be treated as an unsecured
24 claim. If the claimant surrenders the security to the
25 liquidator, the entire claim shall be allowed as if
26 unsecured.
27 18. PRIORITY OF DISTRIBUTION. The priority of
28 distribution of claims from the establishment's estate
29 shall be in accordance with the order in which each
30 class of claims is set forth. Claims in each class
31 shall be paid in full or adequate funds retained for
32 the payment before the members of the next class
33 receive any payment. Subclasses shall not be
34 established within a class. The order of distribution
35 of claims is as follows:
36 a. CLASS 1. The costs and expenses of
37 administration, including but not limited to the
38 following:
39 (1) Actual and necessary costs of preserving or
40 recovering the assets of the establishment.
41 (2) Compensation for all authorized services
42 rendered in the liquidation.
43 (3) Necessary filing fees.
44 (4) Fees and mileage payable to witnesses.
45 (5) Authorized reasonable attorney fees and other
46 professional services rendered in the liquidation.
47 b. CLASS 2. Reasonable compensation to employees
48 for services performed to the extent that they do not
49 exceed two months of monetary compensation and
50 represent payment for services performed within one
© 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/01300/01377.html
jhf