Wisconsin Statutes 645.67 – Secured creditors’ claims
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 645.67
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- 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 Wisconsin Statutes 645.03
(1) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court directs:
(a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditor;
(b) By agreement, arbitration, compromise or litigation between the creditor and the liquidator.
(2) The determination shall be under the supervision and control of the court. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant surrenders his or her security to the liquidator, the entire claim shall be allowed as if unsecured.