District of Columbia § 31-1339 Secured creditor’s claims.

District of Columbia Statutes

§ 31-1339 — Secured creditor’s claims.

District of Columbia·Title 31 Insurance and Securities.·Ch. 13 Insurers Rehabilitation and Liquidation Procedures.

(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 the 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 or her security to the liquidator, the entire claim shall be allowed as if unsecured.

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(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 the 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 or her security to the liquidator, the entire claim shall be allowed as if unsecured.

District of Columbia § 31-1339 (Secured creditor’s claims.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.