33-2-1359. Setoffs. (1) Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this part must be set off and the balance only allowed or paid, except as provided in 33-2-1362 and subsection (2) of this section.
(2) A setoff may not be allowed in favor of any person when:
(a) the obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer;
(b) the obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; or
(c) the obligation of the person is to pay an assessment levied against the members or subscribers of the insurer or is to pay a balance upon a subscription to the capital stock of the insurer or is in any other way in the nature of a capital contribution.
History: En. Sec. 30, Ch. 383, L. 1979; amd. Sec. 10, Ch. 531, L. 1997.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 2. Regulation of Insurance Companies
Part 13. Supervision, Rehabilitation, and Liquidation
33-2-1302. Construction and purpose
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
33-2-1309. Injunctions and orders
33-2-1310. Cooperation of officers, owners, and employees
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
33-2-1343. 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
33-2-1358. Claims of holders of void or voidable rights
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
33-2-1367. Claims of insureds or claimants against insureds
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