Sec. 7613.
Payment of a secured claim shall be upon the basis of the amount allowed if the creditor surrenders the security. Otherwise, payment shall be upon the basis of 1 of the following:
(a) If the creditor exhausts the security before receiving payment, upon the claim amount allowed less the fair value of the security.
(b) If the creditor does not have the right to exhaust the security or does not do so, upon the claim amount allowed less the value of the security as determined by converting it into money according to the terms of the agreement under which the security is delivered to the creditor, or as determined by the creditor and trustee by agreement, arbitration, compromise, or litigation.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
Structure Michigan Compiled Laws
Chapter 700 - Estates and Protected Individuals Code
Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)
Article VII - Michigan Trust Code (700.7101...700.7913)
386-1998-VII-6 - Part 6 Revocable Trusts (700.7601...700.7615)
Section 700.7601 - Capacity of Settlor of Revocable Trust.
Section 700.7602 - Revocation or Amendment of Revocable Trust.
Section 700.7605 - Liability of Trust for Expenses, Claims, and Allowances.
Section 700.7606 - Payment of Expenses and Obligations of Settlor's Estate; Duty of Trustee.
Section 700.7608 - Duty of Trustee to Give Notice.
Section 700.7609 - Presentation of Claims Against Trust.
Section 700.7610 - Presentation of Claims to Assert Liability; Time Limitation; Exceptions.
Section 700.7611 - Allowance or Disallowance of Claims Against Revocable Trust.
Section 700.7612 - Payment of Claims by Trustee.
Section 700.7613 - Secured Claims; Payment; Basis.
Section 700.7614 - Claims Due at Future Time, Contingent Claim, or Unliquidated Claim.