Michigan § 700.7613 - Secured claims; payment; basis.
Full text of Michigan Michigan Compiled Laws § 700.7613 — Secured claims; payment; basis., with citation guidance and answers to common questions.
§ 700.7613. Secured claims; payment; basis.
Payment of a secured claim shall be upon the basis of the amount allowed if the creditor surrenders the security. Otherwise, payment shall be upon the basis of 1 of the following:
(a) If the creditor exhausts the security before receiving payment, upon the claim amount allowed less the fair value of the security.
(b) If the creditor does not have the right to exhaust the security or does not do so, upon the claim amount allowed less the value of the security as determined by converting it into money according to the terms of the agreement under which the security is delivered to the creditor, or as determined by the creditor and trustee by agreement, arbitration, compromise, or litigation.
Frequently Asked Questions About Michigan § 700.7613
What does Michigan Compiled Laws § 700.7613 cover?
Section 700.7613 ("Secured claims; payment; basis.") 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 § 700.7613?
A common citation format is "Michigan Compiled Laws § 700.7613" (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 § 700.7613 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.