Secured Claims; Payment; Basis - Mich. Comp. Laws Section 700.7613
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Michigan Laws > Estates And Protected Individuals Code > Secured Claims; Payment; Basis - Mich. Comp. Laws Section 700.7613
700.7613 Secured claims; payment; basis.Sec. 7613.
Payment of a secured claim shall be upon the basis of the amount allowed if the creditor surrenders the security. Otherwise, payment shall be upon the basis of 1 of the following:
(a) If the creditor exhausts the security before receiving payment, upon the claim amount allowed less the fair value of the security.
(b) If the creditor does not have the right to exhaust the security or does not do so, upon the claim amount allowed less the value of the security as determined by converting it into money according to the terms of the agreement under which the security is delivered to the creditor, or as determined by the creditor and trustee by agreement, arbitration, compromise, or litigation.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC
Section: 700.7606 700.7607 700.7608 700.7609 700.7610 700.7611 700.7612 700.7613 700.7614 700.7615 700.7701 700.7702 700.7703 700.7704 700.7705
Last modified: March 17, 2013
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