North Dakota § 26.1-06.1-40 Secured creditor's claims

North Dakota Statutes

§ 26.1-06.1-40 — Secured creditor's claims

North Dakota § 26.1-06.1-40

Title 26.1Insurance

Ch. 26.1-06.1Insurance Company Rehabilitation and Liquidation

This text of North Dakota § 26.1-06.1-40 (Secured creditor's claims) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-06.1-40 (2026).

Text

1.The value of any security held by a secured creditor must be determined in one of the following ways, as the court may direct:

a.By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or

b.By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.

2.The determination must be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined must be credited upon the secured claim, and any deficiency must be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim must be allowed as if unsecured.

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1. The value of any security held by a secured creditor must be determined in one of the
following ways, as the court may direct:
a. By converting the same into money according to the terms of the agreement
pursuant to which the security was delivered to such creditors; or
b. By agreement, arbitration, compromise, or litigation between the creditor and the
liquidator.
2. The determination must be under the supervision and control of the court with due
regard for the recommendation of the liquidator. The amount so determined must be
credited upon the secured claim, and any deficiency must be treated as an unsecured
claim. If the claimant surrenders the security to the liquidator, the entire claim must be
allowed as if unsecured.