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§ 8-111. Payment of secured claims

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 8. Claims of Creditors (Refs & Annos)
Subtitle 1. General (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 8-111
§ 8-111. Payment of secured claims
Currentness
In general
(a)(1) Payment of a secured claim shall be on the basis of the full amount if the creditor shall surrender the creditor's security.
(2) If payment is not made on the basis described in paragraph (1) of this subsection, it shall be made as provided in subsection (b) or (c) of this section.
Exhaustion of security before receiving payment
(b) If during administration, the creditor exhausts the security before receiving payment, the creditor is entitled to the full amount of the creditor's allowed claim less the amount realized on exhausting the security.
Security not exhausted before receipt of payment
(c) If the creditor has not then exhausted, or does not have the right to exhaust the creditor's security, the creditor is entitled to the full amount of the creditor's allowed claim less the value of the security determined by agreement, or as the court determines.

Credits

Added by Acts 1974, c. 11, § 2, eff. July 1, 1974. Amended by Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
Formerly Art. 93, § 8-111.
MD Code, Estates and Trusts, § 8-111, MD EST & TRST § 8-111
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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