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New York Debtor and Creditor Law Section 35 - Alternative Determinations Of Value.Legal Research Home > New York Lawyer > Debtor and Creditor > New York Debtor and Creditor Law Section 35 - Alternative Determinations Of Value.
§ 35. Alternative determinations of value. Where valuation under the
provisions of section thirty-four is impracticable or would cause undue
delay, the court, upon petition by either the secured creditor or the
liquidator, may order the value of the security determined by any of the
following methods:
(1) By compromise, if the secured creditor and the liquidator agree
upon a value. The liquidator may redeem such assets by payment of the
agreed value, if authorized by the court.
(2) By litigation, through proceedings in the liquidation proceeding.
The liquidator may redeem such assets by paying the value so determined,
if authorized by the court.
(3) By liquidator's sale of the assets which, when completed and
approved by the court, shall pass to the purchaser good title, free and
clear of all liens of the secured creditor, such liens to be transferred
to the proceeds of the sale. The order of the sale may be either
(a) Conditional, requiring the sale to be made by the liquidator only
if the secured creditor does not complete a determination by collection
or creditor's sale as set forth in section thirty-four of this article
within a time fixed by the court; or
(b) Absolute, requiring the sale to be made by the liquidator within
the time fixed by the court.
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Last modified: July 31, 2006 |