645.67 Secured creditors' claims.
(1) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court directs:
(a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditor;
(b) By agreement, arbitration, compromise or litigation between the creditor and the liquidator.
(2) The determination shall be under the supervision and control of the court. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant surrenders his or her security to the liquidator, the entire claim shall be allowed as if unsecured.
History: 1979 c. 102 s. 236 (13).
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 645 - Insurers rehabilitation and liquidation.
645.01 - Short title, construction and purpose.
645.035 - Bankruptcy petition is prohibited.
645.04 - Jurisdiction and venue.
645.05 - Injunctions and orders.
645.06 - Costs and expenses of litigation.
645.07 - Cooperation of officers and employees.
645.09 - Commissioner's reports.
645.10 - Continuation of delinquency proceedings.
645.11 - Effect of amendments of this chapter.
645.21 - Commissioner's summary orders.
645.22 - Court's seizure order.
645.23 - Commissioner's seizure order.
645.24 - Conduct of hearings in summary proceedings.
645.31 - Grounds for rehabilitation.
645.32 - Rehabilitation orders.
645.33 - Powers and duties of the rehabilitator.
645.34 - Actions by and against rehabilitator.
645.35 - Termination of rehabilitation.
645.41 - Grounds for liquidation.
645.43 - Continuance of coverage.
645.44 - Dissolution of insurer.
645.45 - Federal receivership.
645.46 - Powers of liquidator.
645.47 - Notice to creditors and others.
645.49 - Actions by and against liquidator.
645.51 - Collection and list of assets.
645.52 - Fraudulent transfers prior to petition.
645.53 - Fraudulent transfers after petition.
645.54 - Voidable preferences and liens.
645.55 - Claims of holders of void or voidable rights.
645.56 - Setoffs and counterclaims.
645.58 - Reinsurer's liability; arbitration clauses.
645.59 - Uncollected, unearned premiums.
645.60 - Applicability of claims settlement provisions to loss claims.
645.64 - Special provisions for 3rd-party claims.
645.67 - Secured creditors' claims.
645.675 - Qualified financial contracts.
645.68 - Order of distribution.
645.69 - Claims for certain health care costs.
645.71 - Liquidator's recommendations to the court.
645.72 - Distribution of assets.
645.73 - Unclaimed and withheld funds.
645.74 - Termination of proceedings.
645.75 - Reopening liquidation.
645.76 - Disposition of records during and after termination of liquidation.
645.77 - External audit of receiver's books.
645.81 - Conservation of property of foreign or alien insurers found in this state.
645.82 - Liquidation of property of foreign or alien insurers found in this state.
645.83 - Foreign domiciliary receivers in other states.
645.84 - Ancillary formal proceedings.
645.85 - Ancillary summary proceedings.
645.86 - Claims of nonresidents against insurers domiciled in this state.
645.87 - Claims of residents against insurers domiciled in reciprocal states.
645.88 - Attachment, garnishment and levy of execution.