§ 58-30-215. Secured creditor's claims. - North Carolina Statutes

§58‑30‑215.  Secured creditor's claims.

(a)        The value of anysecurity held by a secured creditor shall be determined in one of the followingways, as the Court may direct:

(1)        By converting thesame into money according to the terms of the agreement pursuant to which thesecurity was delivered to such creditors; or

(2)        By agreement,arbitration, compromise or litigation between the creditor and the liquidator.

(b)        The determinationshall be under the supervision and control of the Court with due regard for therecommendation of the liquidator.  The amount so determined shall be creditedupon the secured claim, and any deficiency shall be treated as an unsecuredclaim.  If the claimant surrenders his security to the liquidator, the entireclaim shall be allowed as if unsecured. (1989, c. 452, s. 1; 1991, c.720, s. 68.)