N.Y. Debtor & Creditor Law § 34: Determination of value by secured creditor

§ 34. Determination of value by secured creditor. The value of assets

constituting the security may be determined by one of the following

methods by the secured creditor:

(1) By collection. When the asset constituting the security is an

obligation for the payment of money, the secured creditor may determine

its value by collection or by exhausting his remedies thereon and then

surrendering the obligation to the liquidator.

(2) By creditor's sale. When the asset constituting the security is

something other than an obligation for the payment of money, the secured

creditor may determine its value by creditor's sale.