2016 New York Laws
DCD - Debtor & Creditor
Article 2-A - (Debtor & Creditor) SECURED CREDITORS
34 - Determination of value by secured creditor.
34. Determination of value by secured creditor. The value of assets constituting the security may be determined by one of the following methods by the secured creditor:
(1) By collection. When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.
(2) By creditor's sale. When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
