01-001-123 Me. Code R. § 6
Where the amount of valid, unsatisfied claims received against a bond exceeds the amount of available proceeds, the proceeds shall be distributed among approved claimants in proportion to the size of their claims
Example: The bonding company has paid to the Department the $25,000 face value of the bond. Claimants A, B and C have filed verified complaints against the obligor in the amounts of $25,000, $20,000 and $5,000 respectively. The claims are all valid. Under this chapter, distribution would be calculated as follows:
Total claims: $50,000
A's share: 25,000
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50,000 = 50% 25,000 x .5 = $12,500
B's share: 20,000
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50,000 = 40% 25,000 x .4 = $10,000
C's share: 5,000
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50,000 = 10% 25,000 x .1 = $ 2,500
Total distribution $ 25,000
01-001 C.M.R. ch. 123, § 6