District of Columbia § 20-912 Secured claim.

District of Columbia Statutes

§ 20-912 — Secured claim.

District of Columbia·Title 20 Probate and Administration of Decedents’ Estates. [Enacted title]·Ch. 9 Claims.

(a)A creditor having a secured claim who surrenders the security shall be paid on the basis of the full amount of the claim.

(b)A creditor having a secured claim who does not surrender the security shall be paid on the basis of one of the following:

(1)the full amount of the claim allowed less the amount realized upon exhausting the security, if the creditor, during the course of administration, exhausted the security before receiving payment; or

(2)the full amount of the claim allowed, less the value of the security determined by agreement or by the Court, if the creditor did not exhaust, or did not at the time have the right to exhaust, such security.

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(a) A creditor having a secured claim who surrenders the security shall be paid on the basis of the full amount of the claim.

(b) A creditor having a secured claim who does not surrender the security shall be paid on the basis of one of the following:

(1) the full amount of the claim allowed less the amount realized upon exhausting the security, if the creditor, during the course of administration, exhausted the security before receiving payment; or

(2) the full amount of the claim allowed, less the value of the security determined by agreement or by the Court, if the creditor did not exhaust, or did not at the time have the right to exhaust, such security.

District of Columbia § 20-912 (Secured claim.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.