Oregon Statutes 734.310 – Priority of secured claims
The owner of a secured claim against an insurer for which a receiver has been appointed in this or any other state may surrender the security and file a claim as a general creditor, or the claim may be discharged by resort to the security, 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. If the amount of the deficiency has been adjudicated in ancillary proceedings as provided in this chapter, or if it has been adjudicated by a court of competent jurisdiction in proceedings in which the domiciliary receiver has had notice and opportunity to be heard, such amount shall be conclusive; otherwise the amount shall be determined in the delinquency proceeding in the domiciliary state. [Formerly 751.080]
Terms Used In Oregon Statutes 734.310
- Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Delinquency proceeding: means any proceeding commenced against an insurer pursuant to this chapter for the purpose of liquidating, rehabilitating or conserving the insurer. See Oregon Statutes 734.014
- Domiciliary state: means the state in which an insurer is incorporated or organized or, in the case of an alien insurer, its state of entry. See Oregon Statutes 734.026
- 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.
- Receiver: means receiver, rehabilitator, liquidator or conservator, as the context may require. See Oregon Statutes 734.014
- Secured claim: means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, but not including special deposit claims or claims against general assets. See Oregon Statutes 734.014