Iowa Code 507C.59 – Subordination of claims for noncooperation
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Terms Used In Iowa Code 507C.59
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Control: means the same as defined in section 521A. See Iowa Code 507C.2
- Foreign country: means another jurisdiction not in a state. See Iowa Code 507C.2
- Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See Iowa Code 507C.2
- State: means a state, district, or territory of the United States and the Panama Canal Zone. See Iowa Code 507C.2
- Transfer: shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest in the property, or with the possession of the property or of fixing a lien upon the property or upon an interest in the property, absolutely or conditionally, voluntarily, by or without judicial proceedings. See Iowa Code 507C.2
If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state assets within the ancillary receiver’s control other than special deposits, diminished only by the expenses of the ancillary receivership, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under section 507C.42, subsection 8.