Connecticut § 38a-943 (Formerly Sec. 38-461). Secured creditor's claims.

Connecticut Statutes

§ 38a-943 — (Formerly Sec. 38-461). Secured creditor's claims.

Connecticut·Title 38a Insurance·Ch. 704c Insurers Rehabilitation and Liquidation Act and Termination of Domestic Life Insurance Companies

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

(1)By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or (2) by agreement, arbitration, compromise or litigation between the creditor and the liquidator.

(b)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 shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct: (1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or (2) by agreement, arbitration, compromise or litigation between the creditor and the liquidator. (b) 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 shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured.

Connecticut § 38a-943 ((Formerly Sec. 38-461). Secured creditor's claims.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.