Vermont Statutes Title 8 Sec. 7080
Terms Used In Vermont Statutes Title 8 Sec. 7080
- Creditor: is a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed, or contingent. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Secured claim: means any claim secured by mortgage, trust, deed, pledge, deposit as security, escrow, or otherwise, but not including special deposit claims or claims against general assets. See
§ 7080. Secured creditor‘s claims
(a) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
(1) by converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or
(2) by agreement, arbitration, compromise, or litigation between the creditor and the liquidator.
(b) The determination made under subsection (a) of this section shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his or her security to the liquidator, the entire claim shall be allowed as if unsecured. (Added 1991, No. 45, § 2, eff. May 29, 1991.)