4:12-8. Proceedings by secretary to determine amount due each creditor
The secretary shall audit claims properly filed and determine the amounts due all such creditors.
After the expiration of ninety days from the termination of a license period or sooner if it appears practicable to do so, the secretary shall, by sale of the securities or by demand upon the surety secure an amount necessary to satisfy all claims properly filed. If the surety shall not make payment upon demand by the secretary, he shall by action recover from the surety the amount necessary to satisfy such claims, which sum shall not exceed the amount of the bond filed. Upon securing moneys available for the satisfaction of such claims in accordance with this section, the secretary shall make distribution to the claimants in accordance with the proofs filed, either ratably, or in full as the case may be.
If a creditor has reduced his claim to judgment, the judgment shall be presumptive proof of the amount due him.
Section: Previous 4-12-1.1 4-12-2 4-12-3 4-12-4 4-12-5 4-12-6 4-12-7 4-12-8 4-12-9 4-12-11 4-12-12 4-12-13 4-12-14 4-12-15 4-12-16 Next
Last modified: October 11, 2016