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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 37. INSURERS REHABILITATION AND LIQUIDATION · Article 3. PROCEDURE FOR REHABILITATION

33-37-40. Determining value of security held by secured creditor.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:#

    1. (1)

      By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or#

    2. (2)

      By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.#

  2. (b)

    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, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 33-37-40, enacted by Ga. L. 1991, p. 1424, § 7.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch23-65-(v25)-2020-pdf.pdf, Volume V25, 2020 edition, page 770; merge action: carried; file SHA-256 1cdfeaa4b73e.