Georgia § 33-37-40 Determining value of security held by secured creditor

Georgia Statutes

§ 33-37-40 — Determining value of security held by secured creditor

Georgia § 33-37-40

Title33

This text of Georgia § 33-37-40 (Determining value of security held by secured creditor) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 33-37-40 (2026).

Text

(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.

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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 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.