34 - Determination of value by secured creditor. - New York Statutes

§ 34. Determination of value by secured creditor. The value of assets constituting the security may be determined by one of the following methods by the secured creditor: (1) By collection. When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator. (2) By creditor's sale. When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.