Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
60B.42 CLAIMS OF SURETY.
Whenever a creditor whose claim against an insurer is secured in whole or in part by the
undertaking of another person fails to prove and file that claim, the other person may do so in the
creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been
filed by the creditor or by the other person in the creditor's name, to the extent that the person
discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the
other person shall not be entitled to any dividend until the amount paid to the creditor on the
undertaking plus the dividends paid on the claim from the insurer's estate to the creditor equals
the amount of the entire claim of the creditor. Any excess received by the creditor shall be held in
trust for such other person.
History: 1969 c 708 s 42; 1986 c 444
Whenever a creditor whose claim against an insurer is secured in whole or in part by the
undertaking of another person fails to prove and file that claim, the other person may do so in the
creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been
filed by the creditor or by the other person in the creditor's name, to the extent that the person
discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the
other person shall not be entitled to any dividend until the amount paid to the creditor on the
undertaking plus the dividends paid on the claim from the insurer's estate to the creditor equals
the amount of the entire claim of the creditor. Any excess received by the creditor shall be held in
trust for such other person.
History: 1969 c 708 s 42; 1986 c 444
Official Publication of the State of Minnesota
Revisor of Statutes