Iowa Admin. Code r. 21-94.10

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 21-94.10 - Payment of valid claims-conflicting interests

(1)Subrogation and payment. If the board has validated all or part of a claim, the board shall authorize the chairperson or the chairperson's designee to facilitate payment from the fund to the claimant in the determined amount upon the claimant's execution of a subrogation of the fund to the rights of the claimant and of an agreement to hold the fund harmless as against competing claims to the determined amount.

(2)Time limitation on claims. A claim shall expire five years after the board determines a claim is payable if the claimant has failed to execute and return the subrogration and hold-harmless documents required by subrule 94.10(1). The fund is not liable for payment of expired claims.

(3)Joint payments and interpleader for conflicting claims. If the board determines that a valid claim is subject to an interest by more than one depositor or seller, the board may order joint payment. If priority of interests in the validated claim is at issue, the board may bring an equitable action of interpleader against the conflicting parties pursuant to Iowa Rule of Civil Procedure 1.251, and may order the deposit of the determined amount with the court pursuant to Iowa Rule of Civil Procedure 1.253.

Iowa Admin. Code r. 21-94.10

ARC 9388B, lAB 2/23/11, effective 3/30/11