2006 New York Code - Exempt Security Not Credited.

 
  §  36.    Exempt security not credited.   When any creditor has legal or
  equitable security upon assets which are exempt  from  process  for  the
  satisfaction  of  unsecured  debts and are duly claimed as exempt by the
  insolvent debtor, the value of such security shall not be credited  upon
  the  claim.    Amounts realized by the creditor from such security after
  liquidation proceedings are begun  shall  be  disregarded  in  computing
  dividends,  unless  the  dividend  so  computed exceeds the sum actually
  owing upon the claim, in which event only  the  amount  owing  shall  be
  paid.