Michigan § 500.8141 - Value of security; determination; supervision and control; crediting amount determined; deficiency treated as unsecured claim; surrender of security to liquidator.
Full text of Michigan Michigan Compiled Laws § 500.8141 — Value of security; determination; supervision and control; crediting amount determined; deficiency treated as unsecured claim; surrender of security to liquidator., with citation guidance and answers to common questions.
§ 500.8141. Value of security; determination; supervision and control; crediting amount determined; deficiency treated as unsecured claim; surrender of security to liquidator.
The value of security held by a secured creditor shall be determined in 1 of the following ways, as the court may direct:
By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditors.
By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.
The determination shall be under the court's supervision and control with due regard for the liquidator's recommendation. The amount determined shall be credited upon the secured claim and any deficiency shall be treated as an unsecured claim. If the claimant surrenders his or her security to the liquidator, the entire claim shall be allowed as if unsecured.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.8141
What does Michigan Compiled Laws § 500.8141 cover?
Section 500.8141 ("Value of security; determination; supervision and control; crediting amount determined; deficiency treated as unsecured claim; surrender of security to liquidator.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 500.8141?
A common citation format is "Michigan Compiled Laws § 500.8141" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 500.8141 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.