Sec. 15. (a) After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid for that real property, for which amount the transferee shall have a lien on the property so transferred. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the recorder of deeds in the county where any real property in question is located. The exercise by a court of the United States or any state with jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of a proceeding, unless the copy is recorded in the county before the consummation of the judicial sale.
(b) After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:
(1) a transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid for that real property, for which amount the transferee shall have a lien on the property so transferred;
(2) a person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part of the property, to the insurer or upon his order, with the same effect as if the petition were not pending;
(3) a person having actual knowledge of the pending rehabilitation or liquidation shall be considered not to act in good faith; and
(4) a person asserting the validity of a transfer under this section has the burden of proof.
Except as elsewhere provided in this section, a transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator is not valid against the liquidator.
(c) Nothing in IC 27-9 shall be considered to impair the negotiability of currency or negotiable instruments.
As added by Acts 1979, P.L.255, SEC.1.
Structure Indiana Code
Article 9. Supervision; Rehabilitation; Liquidation
27-9-3-0.1. Application of Certain Amendments to Chapter
27-9-3-1. Petition to Rehabilitate Insurer
27-9-3-2. Order to Rehabilitate Insurer
27-9-3-3. Rehabilitator; Personnel; Term; Compensation; Powers; Plan
27-9-3-4. Pending Actions; Protection of Insurer After Rehabilitation Order
27-9-3-5. Petition for Liquidation; Termination of Rehabilitation
27-9-3-6. Basis for Liquidation
27-9-3-7. Order to Liquidate; Content; Effect; Declaration of Insolvency; Accounting
27-9-3-8. Termination of Insurance Coverage
27-9-3-9. Dissolution of Corporate Existence; Authorized Acts of Liquidator
27-9-3-10. Notice of Liquidation by Liquidator
27-9-3-11. Notice of Liquidation by Insurance Producers to Policyholders
27-9-3-12. Actions After Liquidation Orders
27-9-3-14. Transfers Made or Obligations Incurred as Fraudulent
27-9-3-15. Transfers After Petition; Validity
27-9-3-17. Transfers; Time Perfected
27-9-3-19. Transfers on Account of New and Contemporaneous Consideration
27-9-3-20. Liens Dissolved by Furnishing Bond; Effect of Voidable Lien
27-9-3-21. Discharge From Voidable Lien
27-9-3-22. Jurisdiction of Marion County Circuit Court Under This Chapter
27-9-3-23. Discharge of Surety Under Releasing Bond
27-9-3-24. Extension of Unsecured Credit by Preferred Creditor
27-9-3-25. Payment to Attorney for Services
27-9-3-26. Personal Liability Relating to Improper Preferences
27-9-3-27. Claims by Creditors Holding Voidable Preferences
27-9-3-28. Setoff of Mutual Debts or Credits
27-9-3-29. Liquidator's Report; Assessment of Members
27-9-3-30.1. Reinsurance; Method of Payment Upon Liquidation
27-9-3-31. Liability for Payment of Premiums by Insured and Person Other Than Insured; Penalties
27-9-3-32. Proposal to Disburse Assets
27-9-3-33. Filing Proof of Claims
27-9-3-34. Content of Proof of Claim
27-9-3-34.5. Administration of Large Deductible Worker's Compensation Policy
27-9-3-35. Claims Subject to Contingencies
27-9-3-36. Claims by Insured or by Third Party
27-9-3-37. Denial of Claim; Objections; Hearing
27-9-3-38. Claims in Name of Secured Creditors
27-9-3-39. Valuation of Security Held by Secured Creditor
27-9-3-40. Priority of Distribution of Claims
27-9-3-40.5. Segregated Investment Accounts
27-9-3-41. Settlement of Claims; Report of Unresolved Claims; Action of Court on Report
27-9-3-42. Payment of Distributions
27-9-3-43. Deposit of Unclaimed Funds
27-9-3-44. Discharge of Liquidator
27-9-3-45. Reopening of Proceedings
27-9-3-46. Destruction of Records
27-9-3-47. Audit of Books of Commissioner Relating to Receivership