§ 35 — Alternative determinations of value

New York § 35

• Jurisdiction: New York
• Law DCD: Debtor & Creditor
• Art. 2-A: Secured Creditors

Text

§ 35. Alternative determinations of value. Where valuation under the\nprovisions of section thirty-four is impracticable or would cause undue\ndelay, the court, upon petition by either the secured creditor or the\nliquidator, may order the value of the security determined by any of the\nfollowing methods:\n (1) By compromise, if the secured creditor and the liquidator agree\nupon a value. The liquidator may redeem such assets by payment of the\nagreed value, if authorized by the court.\n (2) By litigation, through proceedings in the liquidation proceeding.\nThe liquidator may redeem such assets by paying the value so determined,\nif authorized by the court.\n (3) By liquidator's sale of the assets which, when completed and\napproved by the court, shall pass to the purchaser good title, free and\nclear of all liens of the secured creditor, such liens to be transferred\nto the proceeds of the sale. The order of the sale may be either\n (a) Conditional, requiring the sale to be made by the liquidator only\nif the secured creditor does not complete a determination by collection\nor creditor's sale as set forth in section thirty-four of this article\nwithin a time fixed by the court; or\n (b) Absolute, requiring the sale to be made by the liquidator within\nthe time fixed by the court.\n