§ 30-2-7-6 — Alternative determination of value

Where valuation under the provisions of section
5 of this chapter is impracticable or would cause undue delay, the
court, upon petition by either the secured creditor or the liquidator, may
order the value of the security determined by any of the following
methods:
(1) By compromise, if the secured creditor and the liquidator
agree upon a value. The liquidator may redeem such assets by
payment of the agreed value, if authorized by the court.
(2) By litigation, through proceedings in the liquidation
proceedings. The liquidator may redeem such assets by paying the
value so determined, if authorized by the court.
(3) By liquidator's sale of the assets which, when completed and
approved by the court, shall pass to the purchaser good title, free
and clear of all liens of the secured creditor, such liens to be
transferred to the proceeds of the sale. The order of sale may be
either:
(a) conditional, requiring the sale to be made by the liquidator
only if the secured creditor does not complete a determination by
collection or creditor's sale as set forth in section 5 of this chapter
within a time fixed by the court; or
(b) absolute, requiring the sale to be made by the liquidator within
a time fixed by the court.
Provided, that subdivision (3) shall not apply to security upon real
estate or insolvent decedents' estates administered by the court.
Formerly: Acts 1941, c.50, s.6. As amended by Acts 1982,
P.L.171, SEC.108.