Md. Code Ann., Est. & Trusts § 8-111
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2020
As of January 1, 2019
(a) Payment of a secured claim shall be upon the basis of the full amount if the creditor shall surrender his security. If payment is not made on this basis, it shall be made as provided in subsection (b) or (c) of this section.
(a) (1) Payment of a secured claim shall be on the basis of the full amount if the creditor shall surrender the creditor’s security.
(2) If payment is not made on the basis described in paragraph (1) of this subsection, it shall be made as provided in subsection (b) or (c) of this section.
(b) If during administration, the creditor exhausts the security before receiving payment, he is entitled to the full amount of his allowed claim less the amount realized upon exhausting the security.
(b) If during administration, the creditor exhausts the security before receiving payment, the creditor is entitled to the full amount of the creditor’s allowed claim less the amount realized on exhausting the security.
(c) If the creditor has not then exhausted, or does not have the right to exhaust his security, he is entitled to the full amount of his allowed claim less the value of the security determined by agreement, or as the court determines.
(c) If the creditor has not then exhausted, or does not have the right to exhaust the creditor’s security, the creditor is entitled to the full amount of the creditor’s allowed claim less the value of the security determined by agreement, or as the court determines.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.