New York Debtor & Creditor Law Section 33 - Value of security credited upon claims.

  33.  Value  of  security  credited  upon  claims. Dividends paid to
  secured creditors shall be computed only upon the balance due after  the
  value  of all security not exempt from the claims of unsecured creditors
  and not released or surrendered to the  liquidator,  is  determined  and
  credited upon the claim secured by it.

Last modified: February 3, 2019