N.J.S.A. 17B:32-70 — Determination of value of security

17B:32-70. Determination of value of security 40. a. The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct: (1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditor; or (2) By agreement, arbitration, compromise or litigation between the creditor and the liquidator. b. The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured. L.1992,c.65,s.40.

This is the verbatim text of N.J.S.A. 17B:32-70, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.