§ 1029. — 1029. (Amended by Stats. 1935, Ch. 291.)

California § 1029.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 1.: DIVISION 1. GENERAL RULES GOVERNING INSURANCE
• Part 2.: PART 2. THE BUSINESS OF INSURANCE
• Ch. 1.: CHAPTER 1. General Regulations
• Art. 14.: ARTICLE 14. Proceedings in Cases of Insolvency and Delinquency

Text

A claim of a secured claimant shall not be allowed in a sum greater than the excess over the value of the security of the amount for which the claim would be allowable if unsecured, unless the claimant surrenders the security to the liquidator. Upon such surrender the claim may be allowed in the full amount for which it is valued.

Legislative History

Amended by Stats. 1935, Ch. 291.