North Carolina General Statutes 1-507.50. Objection to and allowance of claims
Terms Used In North Carolina General Statutes 1-507.50
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(a) Objections and Allowance. – The receiver or any party in interest may file an objection to a claim stating the grounds for the objection. The court may order that a copy of the objection be served on the persons on the master service list at least 14 days prior to the hearing. Claims allowed by court order, and claims properly submitted or scheduled and not disallowed by the court, shall be allowed claims and shall be entitled to share in distributions of receivership property in accordance with the priorities provided by this Article or otherwise by law.
(b) Estimation of Claims. – For the purpose of allowance of claims, the court may estimate (i) any contingent or unliquidated claim, the fixing or liquidation of which would unduly delay the administration of the receivership or (ii) any right to payment arising from a right to an equitable remedy. (2020-75, s. 1.)