72-3-811. Secured claims. Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders the creditor's security. Otherwise, payment is upon the basis of one of the following:
(1) if the creditor exhausts the creditor's security before receiving payment, unless precluded by other law, upon the amount of the claim allowed less the fair value of the security; or
(2) if the creditor does not have the right to exhaust the creditor's security or has not done so, upon the amount of the claim allowed less the value of the security determined by converting it into money according to the terms of the agreement pursuant to which the security was delivered to the creditor or by the creditor and personal representative by agreement, arbitration, compromise, or litigation.
History: En. 91A-3-809 by Sec. 1, Ch. 365, L. 1974; R.C.M. 1947, 91A-3-809; amd. Sec. 2370, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 3. Upc -- Probate and Administration
72-3-802. Statutes of limitations -- waiver -- suspension
72-3-803. Nonclaim -- limitations on presentation of claims -- exceptions
72-3-804. Manner of presentation of claims
72-3-805. Allowance and disallowance of claims -- interest on allowed claims
72-3-806. Counterclaims -- deduction
72-3-807. Classification of claims as to priority of payment
72-3-809. and 72-3-810 reserved
72-3-813. Execution and levies prohibited
72-3-814. Claims not due and contingent or unliquidated claims
72-3-815. Compromise of claims
72-3-816. through 72-3-820 reserved
72-3-821. Administration in more than one state -- payment of claims
72-3-822. Distribution to domiciliary personal representative -- exceptions