---
title: O.C.G.A. § 33-37-40. Determining value of security held by secured creditor.
collection: code
id: 33-37-40
cite_as: O.C.G.A. § 33-37-40 (2025)
canonical_url: https://georgiacommons.org/code/33-37-40
md_url: https://georgiacommons.org/code/33-37-40.md
text_url: https://georgiacommons.org/code/33-37-40/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch23-65-(v25)-2020-pdf.pdf?sfvrsn=68297_0#page=770
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/33-37.md
previous: https://georgiacommons.org/code/33-37-39.md
next: https://georgiacommons.org/code/33-37-41.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / INSURERS REHABILITATION AND LIQUIDATION / PROCEDURE FOR REHABILITATION
---

# O.C.G.A. § 33-37-40. Determining value of security held by secured creditor.

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

(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.

## History

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