§ 2290 Fund Payment Priority Rules

This law says that if a special fund doesn't have enough money to pay out approved awards or settlement offers, the Secretary of State must wait until enough money is in the fund and then pay the unpaid amounts in the order they were filed.

Key Takeaways

•Payments are only made when the fund has enough money.
•Unpaid awards are paid in the order they were filed.
•The Secretary of State is in charge of making the payments.

Example

A state fund that pays workers who win injury claims runs out of cash before it can pay the newest claim.

The Secretary of State will hold off on paying that newest claim until more money is added to the fund, and then will pay the claims starting with the oldest one that hasn't been paid yet.

If, at any time, the money deposited in the fund is insufficient to satisfy any duly authorized award or offer of settlement, the Secretary of State shall, when sufficient money has been deposited in the fund, satisfy the unpaid awards or offer of settlement, in the order that the awards or offers of settlement were originally filed. (Amended by Stats. 2016, Ch. 390, Sec. 7. (AB 2759) Effective January 1, 2017.)

Key Takeaways

•Payments are only made when the fund has enough money.
•Unpaid awards are paid in the order they were filed.
•The Secretary of State is in charge of making the payments.

Example

A state fund that pays workers who win injury claims runs out of cash before it can pay the newest claim.

The Secretary of State will hold off on paying that newest claim until more money is added to the fund, and then will pay the claims starting with the oldest one that hasn't been paid yet.

Key Takeaways

Example

Key Terms

References

§ 2290 Fund Payment Priority Rules

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References