§ 33-11-32 - Secured claims against insolvent estates.
SECTION 33-11-32
§ 33-11-32 Secured claims againstinsolvent estates. – If a creditor, having a security for his or her claim against an insolventestate upon any property of the estate, files his or her claim, the porbatecourt shall inquire into the cash value of the security, and if the courtallows the claim, the executor or administrator shall give the creditorpersonal notice of the amount allowed and the value of the security as reportedby the court and unless the creditor shall, within fifteen (15) days afterreceiving notice, lodge with the court a certificate of his or her election torelinquish the security, he or she is entitled to a dividend from the estateupon the excess only of his or her claim above the amount of the court'svaluation of the security.