17B:32-66. Contingent, absolute, limited claims
134 words·~1 min read·
/nj/title-17b/chapter-32/17b-32-66·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
36. a. A claim may be allowed even if contingent, if it is filed in accordance with section 34 of this act. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.
b. Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that such claims may be discounted at a rate of interest determined by the commissioner.
c. Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under section 12 or 17 of this act.
L.1992,c.65,s.36.