Texas Business and Commerce Code - BUS & COM § 23.20. Discount of Claim Not Due and Allowance of Secured Claim

(a) The assignee may allow a claim which is not due at its present value by discounting it at the legal rate.

(b) If a creditor holds collateral to secure his claim worth less than his claim, the assignee may estimate the value of the collateral and allow the creditor as a claim against the assigned estate only the difference between the value of the collateral and the amount of the claim.