Iowa Code 507C.41 – Secured creditor’s claims
Current as of: 2023 | Check for updates
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1. The value of security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
a. By converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditors.
b. By agreement, arbitration, compromise or litigation between the creditor and the liquidator.
Terms Used In Iowa Code 507C.41
- Control: means the same as defined in section 521A. See Iowa Code 507C.2
- Creditor: is a person having a claim against an insurer, whether the claim is matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed or contingent. See Iowa Code 507C.2
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Money: means the same as defined in section 554. See Iowa Code 554E.1
- Secured claim: means a 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 Iowa Code 507C.2
- security: includes a mortgage loan, mortgage-related securities, and an interest in any mortgage loan or mortgage-related security. See Iowa Code 507C.2
2. The determination 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. A deficiency shall be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.