2021 New York Laws
DCD - Debtor and Creditor
Article 2-A - Secured Creditors
35 - Alternative Determinations of Value.

§  35.  Alternative determinations of value. Where valuation under the
provisions of section thirty-four is impracticable or would cause  undue
delay,  the  court,  upon petition by either the secured creditor or the
liquidator, may order the value of the security determined by any of the
following methods:
  (1) By compromise, if the secured creditor and  the  liquidator  agree
upon  a  value.  The liquidator may redeem such assets by payment of the
agreed value, if authorized by the court.
  (2) By litigation, through proceedings in the liquidation  proceeding.
The liquidator may redeem such assets by paying the value so determined,
if authorized by the court.
  (3)  By  liquidator's  sale  of  the  assets which, when completed and
approved by the court, shall pass to the purchaser good title, free  and
clear of all liens of the secured creditor, such liens to be transferred
to the proceeds of the sale. The order of the sale may be either
  (a)  Conditional, requiring the sale to be made by the liquidator only
if the secured creditor does not complete a determination by  collection
or  creditor's  sale as set forth in section thirty-four of this article
within a time fixed by the court; or
  (b) Absolute, requiring the sale to be made by the  liquidator  within
the time fixed by the court.