44-1040. Discount of claims allowed but not due; amount payable on claim secured by collateral in possession of creditor
67 words·~1 min read·
/az/title-44/44-1040A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Claims not due may be allowed at their present value by discounting them at the rate of interest mentioned in the contract, if any, otherwise at the legal rate. If any creditor holds collateral or security of less value than his debt, the value thereof may be estimated by the assignee and only the difference between such value and the amount of the debt shall be allowed.