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Martin O'Malley, Governor
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Ch.3
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(1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, CONTINGENT
AND UNLIQUIDATED CLAIMS MAY NOT SHARE IN A DISTRIBUTION OF THE ASSETS OF
A PROVIDER THAT HAS BEEN ADJUDICATED TO BE AN IMPAIRED PROVIDER BY AN
ORDER ISSUED UNDER THIS SUBTITLE.
(2) IF PROPERLY PRESENTED, A CONTINGENT AND UNLIQUIDATED
CLAIM SHALL BE CONSIDERED AND MAY BE ALLOWED TO SHARE IF:
(I) THE CLAIM BECOMES ABSOLUTE AGAINST THE PROVIDER ON
OR BEFORE THE LAST DAY FOR FILING CLAIMS AGAINST THE ASSETS OF THE
PROVIDER; OR
(II) THERE IS A SURPLUS AND THE LIQUIDATION IS
SUBSEQUENTLY CONDUCTED ON THE BASIS THAT THE PROVIDER IS SOLVENT.
(B) CLAIMS OF SECURED CLAIMANTS.
(1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION, A
CLAIM OF A PERSON THAT HAS A SECURED CLAIM MAY NOT BE ALLOWED AT A SUM
GREATER THAN THE DIFFERENCE BETWEEN:
(I) THE VALUE OF THE CLAIM WITHOUT SECURITY; AND
(II) THE VALUE OF THE SECURITY ITSELF ON:
1. THE DATE OF ISSUANCE OF THE LIQUIDATION ORDER; OR
2. ANOTHER DATE SET BY THE COURT FOR DETERMINING
RIGHTS AND LIABILITIES AS PROVIDED IN SUBSECTION (C) OF THIS SECTION.
(2) IF THE CLAIMANT SURRENDERS THE SECURITY TO THE SECRETARY,
THE CLAIM SHALL BE ALLOWED IN THE FULL AMOUNT FOR WHICH IT IS VALUED.
(C) DATE RIGHTS FIXED ON LIQUIDATION.
SUBJECT TO THE PROVISIONS OF THIS SUBTITLE ON THE RIGHTS OF
CLAIMANTS HOLDING CONTINGENT CLAIMS, AND UNLESS OTHERWISE DIRECTED BY
THE COURT, THE RIGHTS AND LIABILITIES OF A PROVIDER AND CREDITORS,
STOCKHOLDERS, MEMBERS, SUBSCRIBERS, AND OTHER PERSONS INTERESTED IN
THE ESTATE OF THE PROVIDER ARE FIXED ON THE DATE ON WHICH THE ORDER
THAT DIRECTS THE LIQUIDATION OF THE PROVIDER IS FILED IN THE OFFICE OF THE
CLERK OF THE COURT THAT ISSUED THE ORDER.
REVISOR'S NOTE: This section formerly was Art. 70B, § 20S.
The only changes are in style and cross-references.
Defined terms: "Creditor" § 10-472
"Person" §§ 1-101, 10-401
"Provider" § 10-401
"Secretary" § 10-101
"Secured claim" § 10-472
"Subscriber" § 10-401
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- 523 -
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