859.19 Secured claims.
101 words·~1 min read·
/wi/chapter-859/859-19-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
859.19 Secured claims.
(1)When a creditor holds any security for a claim the security shall be described in the claim, and the judgment allowing the claim shall describe the security. The security is sufficiently described if the security document is described by date and by the recording or filing data.
(2)Payment of the claim shall be upon the basis of:
(a)The full amount thereof if the creditor surrenders the security; or
(b)If the creditor realizes on the security before receiving payment, then upon the full amount of the claim allowed less the fair value of the security.