Connecticut General Statutes 45a-379 – Creditor having secured claim. Determination of value of security
(a) If a creditor presenting a claim to the fiduciary has security for his claim, such creditor shall be entitled to participate in the estate only with respect to the excess of his claim over the fair market value of the security unless such creditor files in the Court of Probate a written election to relinquish such security.
Terms Used In Connecticut General Statutes 45a-379
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fiduciary: A trustee, executor, or administrator.
- Probate: Proving a will
(b) The fiduciary shall determine the fair market value of any security held by a creditor submitting a claim and shall give such creditor and the Court of Probate notice of the value and how such value was determined. Such creditor may, within thirty days from the date of such notice, file in the Court of Probate an objection to the fiduciary’s valuation, and the court of probate shall, within thirty days from and including the date on which such objection was received by the Court of Probate, hold a hearing, after notice, on such valuation and shall enter an order establishing the value of such security.