2005 Connecticut Code - Sec. 45a-412. (Formerly Sec. 45-221). Procedure when creditor has security for his claim.

      Sec. 45a-412. (Formerly Sec. 45-221). Procedure when creditor has security for his claim. (a) If any creditor having any security for his claim against an insolvent estate upon any property of the estate presents his claim to the commissioners on the estate, they shall inquire into the cash value of such security and report the same to the Court of Probate.

      (b) If the commissioners allow such claim, the fiduciary or trustee shall, within six days after the return of the commissioners' report, notify such creditor by registered or certified mail of the amount allowed and of such value as reported by the commissioners.

      (c) Unless such creditor, within fifteen days after the giving or mailing of such notice, lodges with the court a certificate of his election to relinquish such security, he shall be entitled to a dividend from the estate only upon the excess of his claim above the value of such security.

      (1949 Rev., S. 7006; P.A. 80-476, S. 285.)

      History: P.A. 80-476 divided section into Subsecs., restated provisions and substituted "fiduciary" for reference to executor or administrator; Sec. 45-221 transferred to Sec. 45a-412 in 1991.

      Annotations to former section 45-221:

      Finding as to security only conclusive as between creditor and estate. 45 C. 39. Appeal lies from valuation of security. 51 C. 112; 68 C. 186. Creditor does not waive his security by making no mention of it in his claim. 56 C. 442. Does not apply to creditor having lien on real estate out of this state. 31 C. 67. Cited. 67 C. 337; 70 C. 497; 71 C. 713; 129 C. 98. Effect of failure of creditor to disclose security. 88 C. 536. Note is not collateral security. 67 C. 324; 74 C. 247. Amount to be allowed on secured claim. 91 C. 66. Where deceased conveyed property for which he was liable on mortgage, estate's subrogated right on payment of mortgage is not security upon "any property of such estate". 128 C. 665.

      Right of commissioners to evaluate security on solvent estates. 10 CS 1; id., 203.