Virginia Code 38.2-1512: Rights and liabilities fixed upon liquidation
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The rights and liabilities of an insurer and of its creditors, policyholders, stockholders, members, and all other persons interested in the property and assets of the insurer, shall be fixed as of the date of the entry of the order directing the liquidation of the insurer unless otherwise provided by law. The rights of claimants holding contingent claims on that date shall be determined by this chapter.
Terms Used In Virginia Code 38.2-1512
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
1952, c. 317, § 38.1-136; 1986, c. 562.