Montana Code Annotated
Part 13. Supervision, Rehabilitation, and Liquidation
33-2-1354. Procedure for voiding preferences and liens

33-2-1354. Procedure for voiding preferences and liens. (1) The district court has summary jurisdiction of any proceeding by the liquidator to hear and determine the rights of any parties under 33-2-1353 through 33-2-1357. Reasonable notice of any hearing in the proceeding shall be given to all parties in interest, including the obligee of a releasing bond or other like obligation. When an order is entered for the recovery of indemnifying property in kind or for the avoidance of an indemnifying lien, the court, upon application of any party in interest, shall in the same proceeding ascertain the value of the property or lien and, if the value is less than the amount for which the property is indemnity or less than the amount of the lien, the transferee or lienholder may elect to retain the property or lien upon payment of its value, as ascertained by the court, to the liquidator within such reasonable times as the court shall fix.
(2) The liability of a surety under a releasing bond or other like obligation is discharged to the extent of the value of the indemnifying property recovered or the indemnifying lien nullified and avoided by the liquidator or, when the property is retained under subsection (1), to the extent of the amount paid to the liquidator.
History: En. Sec. 28, Ch. 383, L. 1979.

Structure Montana Code Annotated

Montana Code Annotated

Title 33. Insurance and Insurance Companies

Chapter 2. Regulation of Insurance Companies

Part 13. Supervision, Rehabilitation, and Liquidation

33-2-1301. Short title

33-2-1302. Construction and purpose

33-2-1303. Definitions

33-2-1304. To whom proceedings may be applied

33-2-1305. Who may bring action -- procedure exclusive

33-2-1306. Personal jurisdiction

33-2-1307. Stay pending out-of-state proceedings

33-2-1308. Venue

33-2-1309. Injunctions and orders

33-2-1310. Cooperation of officers, owners, and employees

33-2-1311. Repealed

33-2-1312. through 33-2-1320 reserved

33-2-1321. Commissioner's summary orders and supervision proceedings

33-2-1322. Court's seizure order

33-2-1323. Confidentiality of proceedings

33-2-1324. through 33-2-1330 reserved

33-2-1331. Grounds for rehabilitation

33-2-1332. Rehabilitation orders

33-2-1333. Powers and duties of the rehabilitator

33-2-1334. Effect of proceedings on pending and potential litigation

33-2-1335. Standing of guaranty associations in proceedings

33-2-1336. Termination of rehabilitation

33-2-1337. through 33-2-1340 reserved

33-2-1341. Grounds for liquidation

33-2-1342. Liquidation orders

33-2-1343. Continuance of policy coverage

33-2-1344. Dissolution of insurer

33-2-1345. Powers of liquidator

33-2-1346. Notice to creditors and others

33-2-1347. Duty of insurance producers to give notice

33-2-1348. Effect of proceedings on pending and potential litigation -- actions by liquidator

33-2-1349. Standing of guaranty associations in proceedings

33-2-1350. Collection and listing of assets

33-2-1351. Fraudulent transfers prior to petition

33-2-1352. Fraudulent transfer after petition

33-2-1353. Voidable preferences and liens

33-2-1354. Procedure for voiding preferences and liens

33-2-1355. Set off for further credit given in good faith

33-2-1356. Transactions to pay for attorneys' services

33-2-1357. Personal liability

33-2-1358. Claims of holders of void or voidable rights

33-2-1359. Setoffs

33-2-1360. Assessments against members of insurer

33-2-1361. Reinsurer's liability

33-2-1362. Recovery of premiums owed

33-2-1363. Domiciliary liquidator's proposal to distribute assets

33-2-1364. Filing of claims

33-2-1365. Proof of claim

33-2-1366. Special claims

33-2-1367. Claims of insureds or claimants against insureds

33-2-1368. Disputed claims

33-2-1369. Claims of sureties

33-2-1370. Claims of secured creditors

33-2-1371. Priority of distribution

33-2-1372. Liquidator's recommendations to the court concerning claims

33-2-1373. Distribution of assets

33-2-1374. Unclaimed and withheld funds

33-2-1375. Termination of liquidation proceedings

33-2-1376. Reopening liquidation

33-2-1377. Disposition of records during and after liquidation

33-2-1378. Audit of the receiver's books

33-2-1379. Conservation of property of foreign or alien insurers

33-2-1380. Liquidation of assets of foreign or alien insurers

33-2-1381. Domiciliary liquidators in other states

33-2-1382. Ancillary formal proceedings

33-2-1383. Ancillary summary proceedings

33-2-1384. Claims of nonresidents against insurers domiciled in this state

33-2-1385. Claims of residents against insurers domiciled in reciprocal states

33-2-1386. Exemption from legal process during pendency of liquidation

33-2-1387. Interstate priorities

33-2-1388. Subordination of claims for noncooperation of ancillary receiver

33-2-1389. and 33-2-1390 reserved

33-2-1391. Condition on release from delinquency proceedings

33-2-1392. Indemnification of rehabilitator, liquidator, and employees -- persons covered

33-2-1393. Indemnification of rehabilitator, liquidator, and employees

33-2-1394. Settlement of actions against rehabilitator, liquidator, and employees -- court approval -- applicability