631.251
Date rights fixed on liquidation.
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631.251 Date rights fixed on liquidation.—Except as provided in ss. 631.192 and 631.252, the rights and liabilities of the insurer and its creditors, policyholders, stockholders, members, and subscribers and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date on which the order directing the liquidation of the insurer is filed in the office of the clerk of the court which made the order, subject to the provisions of this chapter with respect to the rights of claimants holding contingent claims. No offset shall be allowed in favor of any person unless the claim of offset is fully mature, or, in the case of a reinsurance agreement, the insurer’s obligation is incurred, as of the date on which the order directing the liquidation of the insurer is filed in the office of the clerk of the court which made the order, and a claim of offset shall not create a secured claim to any funds or property in the possession of the person claiming offset.
History.—s. 741, ch. 59-205; s. 9, ch. 70-27; s. 809(1st), ch. 82-243; s. 18, ch. 83-38; s. 10, ch. 89-360; s. 6, ch. 90-248; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
Notes of Decisions
Cited in 4
cases, 1987–2008 · leading case: Imagine Ins. Co., Ltd. v. State Ex Rel. Dept. of Financial Services
Imagine Ins. Co., Ltd. v. State Ex Rel. Dept. of Financial Services (2008)
“Section 631.251, Florida Statutes (2004), provides: Date rights fixed on liquidation.”
Barnett Bank v. State, Dept. of Ins. (1987)
“Section 631.251, Florida Statutes (1985), provides that the rights and liabilities of all parties become fixed as of the date of the order directing liquidation.”
Sunset Com. Bk. v. Fla. Dept. of Ins. (1987)
“See section 631.251, Florida Statutes. Upon being appointed as receiver in the present case, the Department of Insurance was entitled to possession of, and became vested with title to, the deposit accounts held by Sunset Commercial Bank for the obligor.”
Lidsky v. Florida Department of Insurance (1994)
“See § 631.251. However, before the liquidation order is finally entered, the insolvent insurer continues to manage its affairs and has the opportunity to transfer its remaining assets to some of its existing and preferred creditors at the expense of other creditors protected…”
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