South Carolina Statutes
§ 62-3-809 — Secured claims.
South Carolina·Title 62 SOUTH CAROLINA PROBATE CODE·Ch. ARTICLE 3 - PROBATE OF WILLS AND ADMINISTRATION
Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders his security; otherwise, payment is upon the basis of one of the following:
(1)if the creditor exhausts his security before receiving payment, upon the amount of the claim allowed less the fair market value of the security as agreed by the parties, or as determined by the court; or (2) if the creditor does not have the right to exhaust his security or has not done so, upon the amount of the claim allowed less the value of the security determined by converting it into money according to the terms of the agreement pursuant to which the security was delivered to the creditor, or by the creditor and personal representative by agreement, arbitration, compromise, or litigation.
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Related
Beach First National Bank v. Estate of Gurnham
754 S.E.2d 875 (Supreme Court of South Carolina, 2014)
Legislative History
HISTORY: 1986 Act No. 539, SECTION 1; 2013 Act No. 100, SECTION 1, eff January 1, 2014.
Nearby Sections
15
§ 62-1-100
Effective date.§ 62-1-101
Short title.§ 62-1-102
Purposes; rules of construction.§ 62-1-104
Severability.§ 62-1-105
Construction against implied repeal.§ 62-1-106
Effect of fraud and evasion.§ 62-1-107
Evidence as to death or status.§ 62-1-108
Acts by holder of general power.§ 62-1-111
Authority to award costs and expenses.§ 62-1-112
Inherent power of court.§ 62-1-201
General definitions.§ 62-1-301
Territorial application.