Determination of value by secured creditor
Sec. 5. (1) By collection. When the asset constituting the security
is an obligation for the payment of money, the secured creditor may
determine its value by collection or by exhausting his remedies
thereon and then surrendering the obligation to the liquidator.
(2) By creditor's sale. When the asset constituting the security is
something other than an obligation for the payment of money, the
secured creditor may determine its value by creditor's sale.
(Formerly: Acts 1941, c.50, s.5.)
Last modified: May 27, 2006