Vermont § 7099 - Interstate priorities
Full text of Vermont Vermont Statutes Online § 7099 — Interstate priorities, with citation guidance and answers to common questions.
§ 7099. Interstate priorities
- (a) In a liquidation proceeding in this State involving one or more reciprocal states,
the order of distribution of the domiciliary state shall control as to all claims
of residents of this and reciprocal states. All claims of residents of reciprocal
states shall be given equal priority of payment from general assets regardless of
where such assets are located. (b) The owners of special deposit claims against an insurer for which a liquidator is
appointed in this or any other state shall be given priority against the special deposits
in accordance with the statutes governing the creation and maintenance of the deposits.
If there is a deficiency in any deposit, so that the claims secured by it are not
fully discharged from it, the claimants may share in the general assets, but the sharing
shall be deferred until general creditors, and also claimants against other special
deposits who have received smaller percentages from their respective special deposits,
have been paid percentages of their claims equal to the percentage paid from the special
deposit. (c) The owner of a secured claim against an insurer for which a liquidator has been appointed
in this or any other state may surrender his or her security and file a claim as a
general creditor, or the claim may be discharged by resort to the security in accordance
with section 7080 of this title, in which case the deficiency, if any, shall be treated as a claim against the general
assets of the insurer on the same basis as claims of unsecured creditors. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
Frequently Asked Questions About Vermont § 7099
What does Vermont Statutes Online § 7099 cover?
Section 7099 ("Interstate priorities") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 7099?
A common citation format is "Vermont Statutes Online § 7099" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 7099 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.