1. (a) The circuit court administering a conservatorship or receivership under this title has full power to approve and allow or to reject and disallow claims against the conservatorship or receivership estate.

2. (b) In a receivership, the court administering the receivership may estimate for purposes of allowance:

   1. (1) Any contingent, unliquidated, unmatured, or disputed claim, the fixing, liquidation, maturation, or settlement of the dispute of which would delay the administration of the receivership; or
   2. (2) Any right to payment arising from a right to an equitable remedy for breach of performance.

3. (c)

   1. (1) In a conservatorship or receivership, a court may reconsider for cause according to the equities of the case a claim that has been allowed or disallowed.

   2. (2) A reconsideration under this subsection:

      1. (i) Must be filed within 60 days from the date of the court's initial determination; and
      2. (ii) Does not affect the validity of any payment or transfer from the receivership estate that is made to a holder of an allowed claim on account of the allowed claim that is not reconsidered.
   3. (3) This subsection does not alter or otherwise prejudice the right of the conservator or receiver to recover any excess payment or transfer made to a creditor.

Added by Acts 1986, c. 11, § 2, eff. April 3, 1986.