Formal Proceedings

Section 402-C:47

    402-C:47 Unclaimed and Withheld Funds. –
I. Unclaimed Funds. All unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found or who is under disability with no person legally competent to receive his distributive share, shall be deposited with the state treasurer, and shall be paid over without interest except in accordance with RSA 402-C:44 to the person entitled thereto or his legal representative upon proof satisfactory to the state treasurer of his right thereto. Any amount on deposit not claimed within 6 years from the discharge of the liquidator is deemed abandoned and shall become the property of the state.
II. Withheld Funds. All funds withheld under RSA 402-C:40 and not distributed shall upon discharge of the liquidator be deposited with the state treasurer and paid by him in accordance with RSA 402-C:40. Any sums remaining which under RSA 402-C:40 would revert to the undistributed assets of the insurer shall be transferred to the state treasurer and become the property of the state under paragraph I, unless the commissioner petitions the court to reopen the liquidation under RSA 402-C:49.

Source. 1969, 272:1, eff. June 23, 1969.