The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 145 : Supervision, Rehabilitation, and Liquidation of Insurers
Subchapter 003 : Formal Proceedings
(Cite as: 8 V.S.A. § 7080)-
§ 7080. Secured creditor’s claims
(a) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
(1) by converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or
(2) by agreement, arbitration, compromise, or litigation between the creditor and the liquidator.
(b) The determination made under subsection (a) of this section shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his or her security to the liquidator, the entire claim shall be allowed as if unsecured. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
