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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A creditor having a secured claim who surrenders the security shall be paid on the basis of the full amount of the claim.
(b) A creditor having a secured claim who does not surrender the security shall be paid on the basis of one of the following:
(1) the full amount of the claim allowed less the amount realized upon exhausting the security, if the creditor, during the course of administration, exhausted the security before receiving payment; or
(2) the full amount of the claim allowed, less the value of the security determined by agreement or by the Court, if the creditor did not exhaust, or did not at the time have the right to exhaust, such security.
Cite this article: FindLaw.com - District of Columbia Code Division III. Decedents' Estates and Fiduciary Relations. § 20-912. Secured claim. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-iii-decedents-estates-and-fiduciary-relations/dc-code-sect-20-912/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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