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Texas Business & Commerce Code

§ 23.20 — DISCOUNT OF CLAIM NOT DUE AND ALLOWANCE OF SECURED CLAIM

BC § 23.20Title 3. INSOLVENCY, FRAUDULENT TRANSFERS, AND FRAUD · Ch. 23. ASSIGNMENTS FOR THE BENEFIT OF CREDITORS · Art. C. DUTIES AND RIGHTS OF ASSIGNEE

Statute text

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(a)The assignee may allow a claim which is not due at its present value by discounting it at the legal rate.
(b)If a creditor holds collateral to secure his claim worth less than his claim, the assignee may estimate the value of the collateral and allow the creditor as a claim against the assigned estate only the difference between the value of the collateral and the amount of the claim.

Legislative history

Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.

Source: Texas Business & Commerce Code § 23.20 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.