Sec. 23.20. DISCOUNT OF CLAIM NOT DUE AND ALLOWANCE OF SECURED CLAIM. (a) The assignee may allow a claim which is not due at its present value by discounting it at the legal rate.
(b) If a creditor holds collateral to secure his claim worth less than his claim, the assignee may estimate the value of the collateral and allow the creditor as a claim against the assigned estate only the difference between the value of the collateral and the amount of the claim.
Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.
Structure Texas Statutes
Title 3 - Insolvency, Fraudulent Transfers, and Fraud
Chapter 23 - Assignments for the Benefit of Creditors
Subchapter C. Duties and Rights of Assignee
Section 23.16. Assignee's Qualifications, Duty to Record Assignment, and Bond
Section 23.17. Notice of Assignee's Appointment
Section 23.18. Replacement of Assignee
Section 23.19. Assignee's Duty to Distribute Assigned Estate
Section 23.20. Discount of Claim Not Due and Allowance of Secured Claim
Section 23.21. Assignee's Entitlement to Compensation
Section 23.22. Examination of Debtor or Other Person
Section 23.23. Assignee's Final Report and Discharge
Section 23.24. Time Limit on Bringing Action Against Assignee