Iowa Code § 507C.41
Secured creditor’s claims
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
1. The value of security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
1. The value of security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
a. By converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditors.
a. By converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditors.
b. By agreement, arbitration, compromise or litigation between the creditor and the liquidator.
b. By agreement, arbitration, compromise or litigation between the creditor and the liquidator.
2. The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim. A deficiency shall be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.
2. The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim. A deficiency shall be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.
84 Acts, ch 1175, §41
84 Acts, ch 1175, §41
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.