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The DC Code: § 31-1339 Secured creditor's claims.

Index31 Insurance and Securities. (Refs & Annos)
a
The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
1
By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditors; or
2
By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.
b
The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his or her security to the liquidator, the entire claim shall be allowed as if unsecured.

Historical and Statutory

Prior Codifications 1981 Ed., § 35-2839. Legislative History of Laws For legislative history of D.C. Law 10-35, see Historical and Statutory Notes following § 31-1301. DC CODE § 31-1339 Current through December 11, 2012

Credits

(Oct. 15, 1993, D.C. Law 10-35, § 40, 40 DCR 5773.)