N.Y. Debtor & Creditor Law Section 33
Value of security credited upon claims

Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.

Source: Section 33 — Value of security credited upon claims, https://www.­nysenate.­gov/legislation/laws/DCD/33 (updated Sep. 22, 2014; accessed Apr. 20, 2024).

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Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 33’s source at nysenate​.gov

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