§ 34. Determination of value by secured creditor.
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§ 34. Determination of value by secured creditor. The value of assets
constituting the security may be determined by one of the following
methods by the secured creditor:
(1)By collection. When the asset constituting the security is an
obligation for the payment of money, the secured creditor may determine
its value by collection or by exhausting his remedies thereon and then
surrendering the obligation to the liquidator.
(2)By creditor's sale. When the asset constituting the security is
something other than an obligation for the payment of money, the secured
creditor may determine its value by creditor's sale.