304.33-360 Filing of claims.
(1)
(2)
(3)
Deadline for filing. Proof of all claims must be filed with the court in the form
required by KRS 304.33-370 on or before the last day for filing specified in the
notice required under KRS 304.33-250, except that proof of preferred ownership
claims and proprietary claims under subsections (9) and (10) of KRS 304.33-430,
need not be filed at all, and proof of claims for unearned premiums and claims for
cash surrender values or other investment values in life insurance and annuities
need not be filed unless the liquidator expressly so requires.
Excused late filings. For good cause shown, the liquidator shall recommend, and the
court shall permit, a claimant making a late filing to share in dividends, whether
past or future, as if he were not late, to the extent that any such payment will not
prejudice the orderly administration of the liquidation. Good cause includes but is
not limited to the following:
(a) That existence of a claim was not known to the claimant and that he filed
within thirty (30) days after he learned of it;
(b) That a claim for unearned premiums or for cash surrender values or other
investment values in life insurance or annuities which was not required to be
filed was omitted from the liquidator's recommendations to the court under
KRS 304.33-440, and that it was filed within thirty (30) days after the
claimant learned of the omission;
(c) That a transfer to a creditor was avoided under KRS 304.33-290 to 304.33330, inclusive, or was voluntarily surrendered under KRS 304.33-320 and that
the filing satisfies the conditions of KRS 304.33-320;
(d) That valuation under KRS 304.33-420 of security held by a secured creditor
shows a deficiency, which is filed within thirty (30) days after the valuation;
and
(e) That a claim was contingent and became absolute, and was filed within thirty
(30) days after it became absolute.
Unexcused late filings. The liquidator may consider any claim filed late which is
not covered by subsection (2) of this section, and permit it to receive dividends,
other than the first dividend, which are subsequently declared on any claims of the
same or lower priority if the payment does not prejudice the orderly administration
of the liquidation. The late-filing claimant shall receive, at each distribution, the
same percentage of the amount allowed on his claim as is then being paid to other
claimants of the same priority plus the same percentage of the amount allowed on
his claim as is then being paid to claimants of any lower priority. This shall
continue until his claim has been paid in full.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 255, sec. 5, effective July 14, 2000. -- Created
1970 Ky. Acts ch. 301, subtit. 33, sec. 36, effective June 18, 1970.
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