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524.3-809 SECURED CLAIMS.
Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders
the security; otherwise payment is upon the basis of one of the following:
(1) if the creditor exhausts the 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 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: 1975 c 347 s 58; 1986 c 444

Official Publication of the State of Minnesota
Revisor of Statutes