(1)
(a) At the expiration of the period of time limited for the filing of claims, the receiver or assignee shall file all of the following with the clerk of circuit court: 1. Proof of publication of the notice required under s. 128.14 (1). 2. A list of the creditors to whom the notice was given that includes the debts owed to the creditors, verified by an affidavit. 3. A list of claims filed stating the name and residence of and amount claimed by each creditor who has filed a claim.
(b) At any time after the expiration of the period of time limited for the filing of claims, the receiver or assignee or, upon the receiver’s or assignee’s refusal or failure to act, any creditor may file written objections to any claim specifying the grounds for the objection. The party filing the objection shall serve a copy of the objection upon the claimant as ordered by the court. Depositions may thereafter be taken as in civil actions. The court, on the application of either party, shall enter an order fixing a time when the objections shall be heard, which shall be served upon the adverse party as prescribed in the order. Upon the final hearing the court shall make such order as shall be just and may compel the payment of costs.
(2) Claims of secured creditors may be allowed to enable such creditors to participate in the proceedings but shall be allowed for such sums only as shall be proved to be due, over and above the value of the securities, and dividends shall be paid only upon the excess of the claim over the value of the security at the time of the commencement of the proceedings.