645.66 Claims of surety. Whenever a creditor whose claim against an insurer is secured in whole or in part by the undertaking of another person fails to prove and file that claim, the other person may do so in the creditor's name, and is subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that the other person discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any dividend until the amount paid to the creditor on the undertaking plus the dividends paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held in trust for such other person.
History: 1979 c. 93, 102, 177.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 645 - Insurers rehabilitation and liquidation.
645.01 - Short title, construction and purpose.
645.035 - Bankruptcy petition is prohibited.
645.04 - Jurisdiction and venue.
645.05 - Injunctions and orders.
645.06 - Costs and expenses of litigation.
645.07 - Cooperation of officers and employees.
645.09 - Commissioner's reports.
645.10 - Continuation of delinquency proceedings.
645.11 - Effect of amendments of this chapter.
645.21 - Commissioner's summary orders.
645.22 - Court's seizure order.
645.23 - Commissioner's seizure order.
645.24 - Conduct of hearings in summary proceedings.
645.31 - Grounds for rehabilitation.
645.32 - Rehabilitation orders.
645.33 - Powers and duties of the rehabilitator.
645.34 - Actions by and against rehabilitator.
645.35 - Termination of rehabilitation.
645.41 - Grounds for liquidation.
645.43 - Continuance of coverage.
645.44 - Dissolution of insurer.
645.45 - Federal receivership.
645.46 - Powers of liquidator.
645.47 - Notice to creditors and others.
645.49 - Actions by and against liquidator.
645.51 - Collection and list of assets.
645.52 - Fraudulent transfers prior to petition.
645.53 - Fraudulent transfers after petition.
645.54 - Voidable preferences and liens.
645.55 - Claims of holders of void or voidable rights.
645.56 - Setoffs and counterclaims.
645.58 - Reinsurer's liability; arbitration clauses.
645.59 - Uncollected, unearned premiums.
645.60 - Applicability of claims settlement provisions to loss claims.
645.64 - Special provisions for 3rd-party claims.
645.67 - Secured creditors' claims.
645.675 - Qualified financial contracts.
645.68 - Order of distribution.
645.69 - Claims for certain health care costs.
645.71 - Liquidator's recommendations to the court.
645.72 - Distribution of assets.
645.73 - Unclaimed and withheld funds.
645.74 - Termination of proceedings.
645.75 - Reopening liquidation.
645.76 - Disposition of records during and after termination of liquidation.
645.77 - External audit of receiver's books.
645.81 - Conservation of property of foreign or alien insurers found in this state.
645.82 - Liquidation of property of foreign or alien insurers found in this state.
645.83 - Foreign domiciliary receivers in other states.
645.84 - Ancillary formal proceedings.
645.85 - Ancillary summary proceedings.
645.86 - Claims of nonresidents against insurers domiciled in this state.
645.87 - Claims of residents against insurers domiciled in reciprocal states.
645.88 - Attachment, garnishment and levy of execution.