N.Y. Debtor & Creditor Law § 35: Alternative determinations of value

§ 35. Alternative determinations of value. Where valuation under the

provisions of section thirty-four is impracticable or would cause undue

delay, the court, upon petition by either the secured creditor or the

liquidator, may order the value of the security determined by any of the

following methods:

(1) By compromise, if the secured creditor and the liquidator agree

upon a value. The liquidator may redeem such assets by payment of the

agreed value, if authorized by the court.

(2) By litigation, through proceedings in the liquidation proceeding.

The liquidator may redeem such assets by paying the value so determined,

if authorized by the court.

(3) By liquidator's sale of the assets which, when completed and

approved by the court, shall pass to the purchaser good title, free and

clear of all liens of the secured creditor, such liens to be transferred

to the proceeds of the sale. The order of the sale may be either

(a) Conditional, requiring the sale to be made by the liquidator only

if the secured creditor does not complete a determination by collection

or creditor's sale as set forth in section thirty-four of this article

within a time fixed by the court; or

(b) Absolute, requiring the sale to be made by the liquidator within

the time fixed by the court.