Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature

Office of the Revisor of Statutes

60B.60 INTERSTATE PRIORITIES.
    Subdivision 1. Priorities. In a liquidation proceeding in this state involving one or more
reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of
residents of this and reciprocal states. All claims of residents of reciprocal states shall be given
equal priority of payment from general assets regardless of where such assets are located.
    Subd. 2. Priority of special deposit claims. The owners of special deposit claims against an
insurer for which a liquidator is appointed in this or any other state shall be given priority against
the special deposits in accordance with the statutes governing the creation and maintenance of
the deposits. If there is a deficiency in any deposit so that the claims secured by it are not fully
discharged from it, the claimants may claim against a security fund share in the general assets, but
the sharing shall be deferred until general creditors having the same priority, and also claimants
against other special deposits having the same priority who have received smaller percentages
from their respective special deposits, have been paid percentages of their claims equal to the
percentage paid from the special deposit.
    Subd. 3. Priority of secured claims. The owner of a secured claim against an insurer for
which a liquidator 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
accordance with section 60B.43, 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 having
the same priority.
History: 1969 c 708 s 60; 1986 c 444; 1994 c 425 s 6,7

Official Publication of the State of Minnesota
Revisor of Statutes