Iowa Code r. 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.
Notes
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