{"data":{"id":"us-ky/krs-396.105","jurisdiction":"us-ky","citation":"KRS 396.105","heading":"Payment of secured claim.","body":"Payment of a secured claim shall be upon the basis of the amount allowed if the creditor\nsurrenders his security; otherwise payment shall be upon the basis of one (1) of the\nfollowing:\n(1) If the creditor exhausts his security before receiving payment, unl ess precluded by\nother law, upon the amount of the claim allowed less than the fair value of the\nsecurity; or\n(2) If the creditor does not have the right to exhaust his security or has not done so,\nupon the amount of the claim allowed less the value of the  security determined by\nconverting it into money according to the terms of the agreement pursuant to which\nthe security was delivered to the creditor, or by the creditor and personal\nrepresentative by agreement, arbitration, compromise or litigation.","path":["KRS Chapter 396"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=36424","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:28Z","sha256":"fbd14266928a541932f28717e28f1422f7b0a22fb43df87ccf5a5ccdabc61588","source_id":"us-ky","stale":false,"prev":"us-ky/krs-396.100","next":"us-ky/krs-396.110"},"notice":"GroundRules: Original legal text. Not legal advice."}