859.19 Secured claims.
(1) When a creditor holds any security for a claim the security shall be described in the claim, and the judgment allowing the claim shall describe the security. The security is sufficiently described if the security document is described by date and by the recording or filing data.
(2) Payment of the claim shall be upon the basis of:
(a) The full amount thereof if the creditor surrenders the security; or
(b) If the creditor realizes on the security before receiving payment, then upon the full amount of the claim allowed less the fair value of the security.
History: 1985 a. 332.
Cross-reference: See s. 859.13, which deals with the form and verification of claims generally.
Cross-reference: See s. 859.43, which deals with the payment of secured claims.
Cross-reference: See s. 863.13, which deals with the exoneration of encumbered property.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 859 - Probate — claims.
859.01 - Time for filing claims.
859.02 - Limitation on claims.
859.03 - Continuance of separate action.
859.09 - Transfer of claims when administration fails.
859.13 - Form and verification of claims.
859.15 - Effect of statute of limitations.
859.18 - Satisfaction of obligations at death of a spouse.
859.23 - Payment of contingent claims by distributees.
859.25 - Priority of payment of claims and allowances.
859.27 - Execution and levies prohibited.
859.29 - Persons interested may be informed of claims.
859.31 - Compromise of claims.
859.33 - Contest of claims; procedure.
859.35 - Prompt judgment; hearing if claim filed over one year.
859.39 - Delay of payment of claims when funds are insufficient.
859.40 - Creditor's action for property not inventoried.
859.41 - Creditor's action for property fraudulently sold by decedent.
859.43 - Encumbered assets; payment of debt.
859.47 - Payment of unfiled claims.
859.48 - Claims of creditors without notice.
859.49 - Last illness and funeral expense of deceased spouse.