§ 27-9-3-39 — Valuation of security held by secured creditor

(a) The value of any security held by a
secured creditor shall be determined in one (1) of the following ways,
as the Marion County circuit court may direct:
(1) By converting the security into money according to the terms
of the agreement under which the security was delivered to the
creditors.
(2) By agreement, arbitration, compromise, or litigation between
the creditor and the liquidator.
(b) The valuation determination shall be under the supervision and
control of the Marion County circuit court with due regard for the
recommendation of the liquidator. The amount determined shall be
credited upon the secured claim, and any deficiency shall be treated as
an unsecured claim. If the claimant surrenders his security to the
liquidator, the entire claim shall be allowed as if unsecured.
As added by Acts 1979, P.L.255, SEC.1.