Colorado § 10-3-540 Secured creditors' claims

Colorado Statutes

§ 10-3-540 — Secured creditors' claims

Colorado·Title 10 Insurance·Art. Regulation of Insurance Companies

(1)The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:

(a)By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditor; or

(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, and any 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.

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(1) The value of any security held by a
secured creditor shall be determined in one of the following ways, as the court may
direct:

(a) By converting the same into money according to the terms of the
agreement pursuant to which the security was delivered to such creditor; or

(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, and any 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.

Colorado § 10-3-540 (Secured creditors' claims) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.