Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders the creditor's security; otherwise payment is upon the basis of one of the following:
(1) if the creditor exhausts the security before receiving payment, unless precluded by other law, upon the amount of the claim allowed less the fair value of the security; or
(2) if the creditor does not have the right to exhaust the security or has not done so, upon the amount of the claim allowed less the value of the security determined by converting it into money according to the terms of the agreement under which the security was delivered to the creditor, or by the creditor and personal representative by agreement, arbitration, compromise, or litigation.
Section: Previous 13.16.455 13.16.460 13.16.465 13.16.470 13.16.475 13.16.480 13.16.485 13.16.490 13.16.495 13.16.500 13.16.505 13.16.510 13.16.515 13.16.520 13.16.525 NextLast modified: November 15, 2016