40-1223. Same; rights of dissatisfied policyholders; appraisement of interest; award; costs; judgment, when.
40-1223
40-1223. Same; rights of dissatisfied policyholders; appraisement ofinterest; award; costs; judgment, when.If any policyholder, who shall be entitled to vote and is residing inthis state at the time of the merger or consolidation, shall bedissatisfied with or object to such merger or consolidation and shall havevoted against the same at the meeting of policyholders, it shall be lawfulfor any such policyholder, within thirty (30) days after the approval ofsaid agreement of merger or consolidation by the commissioner of insuranceand upon reasonable notice to the merged or consolidated company, to applyby petition to the district court of the county in which the registered orhome office of such merged or consolidated company may be situated toappoint three (3) qualified disinterested persons to estimate and appraisethe interest or cash value of such interest in the company of which he wasa policyholder prior to the merger or consolidation. The persons soappointed shall appraise the interest or the cash value of such interest ofsuch policyholder in such company at the full value thereof, without regardto any appreciation or depreciation in consequence of the said merger orconsolidation. Said appointed persons shall receive as full compensationfor their services a sum not to exceed one hundred dollars ($100) per dayfor the actual and necessary time in making such estimate or appraisal asmay be directed by the court which shall become a part of the costs.
Upon such petition it shall be the duty of said court to make suchappointment, and the award of the persons so appointed, or a majority ofthem, when confirmed by the said court, shall be final and conclusive andsuch award shall become an obligation of the new or surviving company. Thecosts in such proceeding shall be shared equally by the petitioner and themerged or consolidated company, except that the court in any case mayassess the costs in such proceeding as it may deem just and equitable underthe particular facts and circumstances of the case. Upon the payment of theaward made to any policyholder the interest of such policyholder shallcease. In case the award and costs, or both, as aforesaid, shall not be sopaid within thirty (30) days after the said award shall have been confirmedby said court, the award and costs, or both, so found and confirmed, shallbe a judgment against the party named by the court, and may be collected asother judgments in said court are by law recoverable.
History: L. 1957, ch. 289, § 8; L. 1970, ch. 180, § 2; L. 1972, ch. 53, § 9;July 1.