58-29B-104. Circumstances under which claimant making late filing may share in distributions.

The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if he were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation, under the following circumstances:

(1)    The existence of the claim was not known to the claimant and that he filed his claim as promptly thereafter as reasonably possible after learning of it;

(2)    A transfer to a creditor was avoided under §§ 58-29B-61 to 58-29B-83, inclusive, or was voluntarily surrendered under §§ 58-29B-84 and 58-29B-85, and that the filing satisfies the conditions of §§ 58-29B-84 and 58-29B-85; or

(3)    The valuation under §§ 58-29B-121 and 58-29B-122, of security held by a secured creditor shows a deficiency, which is filed within thirty days after the valuation.

Source: SL 1989, ch 436, § 104; SL 2021, ch 210, § 18.