Indiana Code Title 27. Insurance § 27-9-3-39

Sec. 39. (a) The value of any security held by a secured creditor shall be determined in one (1) of the following ways, as the Marion County circuit court may direct:

(b) The valuation determination shall be under the supervision and control of the Marion County circuit court with due regard for the recommendation of the liquidator.  The amount determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim.  If the claimant surrenders his security to the liquidator, the entire claim shall be allowed as if unsecured.