§560:3-809 Secured claims. 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 creditor's 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 pursuant to which the security was delivered to the creditor, or by the creditor and personal representative by agreement, arbitration, compromise or litigation. [L 1996, c 288, pt of §1]
Section: Previous 560-3-802 560-3-803 560-3-804 560-3-805 560-3-806 560-3-807 560-3-808 560-3-809 560-3-810 560-3-811 560-3-812 560-3-813 560-3-814 560-3-815 560-3-816 NextLast modified: October 27, 2016