Missouri Laws 287.875 – Assignment of recovery rights to corporation, when — receiver or ..
1. Any person who recovers from the corporation under sections 287.860 to 287.885 shall be deemed to have assigned her or his rights to the corporation to the extent of such recovery. Every claimant seeking the protection of sections 287.860 to 287.885 shall cooperate with the corporation to the same extent as such person would have been required to cooperate with the insolvent member employer. The corporation shall have no cause of action against the employee of the insolvent member employer for any sums the corporation has paid out, except such causes of action as the insolvent member employer would have had if such sums had been paid by the insolvent member employer. In the case of an insolvent member employer operating on a plan with assessment liability, payments of claims by the corporation shall not operate to reduce the liability of the insolvent member employer to the receiver, liquidator, or statutory successor for unpaid assessments.
2. The receiver, liquidator, or statutory successor of an insolvent member employer shall be bound by settlements of covered claims by the corporation. The court having jurisdiction shall grant such claims priority against the assets of the insolvent member employer equal to that to which the claimant would have been entitled in the absence of sections 287.860 to 287.885. The expense of the corporation or similar organization in handling claims shall be accorded the same priority as the expenses of the liquidator.
Terms Used In Missouri Laws 287.875
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- employee: as used in this chapter shall be construed to mean every person in the service of any employer, as defined in this chapter, under any contract of hire, express or implied, oral or written, or under any appointment or election, including executive officers of corporations. See Missouri Laws 287.020
- employer: as used in this chapter shall be construed to mean:
(1) Every person, partnership, association, corporation, limited liability partnership or company, trustee, receiver, the legal representatives of a deceased employer, and every other person, including any person or corporation operating a railroad and any public service corporation, using the service of another for pay. See Missouri Laws 287.030
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
3. The corporation shall file periodically with the receiver or liquidator of the insolvent member employer statements of the covered claims paid by the corporation and estimates of anticipated claims on the corporation, which shall preserve the rights of the corporation against the assets of the insolvent member employer.