Kansas § 40-3640 - Same; value of security held by secured creditor
Full text of Kansas Kansas Statutes Annotated § 40-3640 — Same; value of security held by secured creditor, with citation guidance and answers to common questions.
§ 40-3640. Same; value of security held by secured creditor
40-3640. Same; value of security held by secured creditor. (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 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 surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.History: L. 1991, ch. 125, § 36; July 1.
Source: official Kansas text · Last verified 2026-08-27
Frequently Asked Questions About Kansas § 40-3640
What does Kansas Statutes Annotated § 40-3640 cover?
Section 40-3640 ("Same; value of security held by secured creditor") is part of the Kansas Statutes Annotated, the codified statutory law of Kansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Kansas § 40-3640?
A common citation format is "Kansas Statutes Annotated § 40-3640" (Kansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Kansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Kansas official source linked on this page or consult a licensed Kansas attorney.
How does Kansas § 40-3640 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Kansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Kansas.