375.1216. Valuation of security, procedure.
Valuation of security, procedure.
375.1216. 1. The value of any security held by a securedcreditor shall be determined in one of the following ways, as thecourt may direct:
(1) By converting the same into money according to theterms of the agreement pursuant to which the security wasdelivered to such creditors; or
(2) By agreement, arbitration, compromise or litigationbetween the creditor and the liquidator.
2. The determination shall be under the supervision andcontrol of the court with due regard for the recommendation ofthe liquidator. The amount so determined shall be credited uponthe secured claim, and any deficiency shall be treated as anunsecured claim. If the claimant shall surrender his security tothe liquidator, the entire claim shall be allowed as ifunsecured.
(L. 1991 H.B. 385, et al. § 90)