(215 ILCS 5/221.7)
(from Ch. 73, par. 833.7)
of secured claims.
The owner of a secured claim against an insurer for which a receiver has
been appointed in a delinquency proceeding in this or any reciprocal state
may surrender his security and file his claim as a general creditor, or
such secured claim may be discharged by resort to the security, in which
case the deficiency, if any, shall be treated as a claim against the
general assets of the insurer on the same basis as claims of unsecured
creditors. If the amount of the deficiency has been adjudicated in ancillary
proceedings as provided in this Article, that amount shall be conclusive;
otherwise the amount of such deficiency shall be ascertained and determined in
the delinquency proceeding in the domiciliary state of such insurer.
(Source: P.A. 89-206, eff. 7-21-95.)