2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.41 - SECURED CREDITOR'S CLAIMS.

        507C.41  SECURED CREDITOR'S CLAIMS.
         1.  The value of security held by a secured creditor shall be
      determined in one of the following ways, as the court may direct:
         a.  By converting the security into money according to the
      terms of the agreement pursuant to which the security was delivered
      to the creditors.
         b.  By agreement, arbitration, compromise or litigation
      between the creditor and the liquidator.
         2.  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.  A deficiency shall be treated as an unsecured claim.
      If the claimant surrenders the security to the liquidator, the entire
      claim shall be allowed as if unsecured.  

         84 Acts, ch 1175, § 41
         Referred to in § 507C.35, 507C.58