Utah § 75B-2-514 Secured claims.

Utah Statutes

§ 75B-2-514 — Secured claims.

Utah·Title 75B Trusts·Ch. 75B-2 Uniform Trust Code·Part 75B-2-5 Spendthrift and Discretionary Trusts

Payment of a secured claim shall be upon the basis of the amount allowed if the creditor surrenders the creditor's security, but otherwise payment shall be based upon one of the following:

(1)if the creditor exhausts the creditor's security before receiving payment, unless precluded by another provision of the law, upon the amount of the claim allowed less the fair value of the security; or

(2)if the creditor does not have the right to exhaust the creditor's security or has not done so, upon the amount of the claim allowed less the value of the security determined by converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditor, or by the creditor and trustee by agreement, arbitration, compromise, or litigation.

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Payment of a secured claim shall be upon the basis of the amount allowed if the creditor surrenders the creditor's security, but otherwise payment shall be based upon one of the following:
(1) if the creditor exhausts the creditor's security before receiving payment, unless precluded by another provision of the law, upon the amount of the claim allowed less the fair value of the security; or
(2) if the creditor does not have the right to exhaust the creditor's security or has not done so, upon the amount of the claim allowed less the value of the security determined by converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditor, or by the creditor and trustee by agreement, arbitration, compromise, or litigation.

Utah § 75B-2-514 (Secured claims.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.