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Home » US Law » 2022 New York Laws » Consolidated Laws » DCD - Debtor and Creditor » Article 2-A - Secured Creditors » 34 – Determination of Value by Secured Creditor.
§  34. Determination of value by secured creditor. The value of assets
constituting the security may be determined  by  one  of  the  following
methods by the secured creditor:

(1) By collection. When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.

(2) By creditor's sale. When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.