Amendment status not verified — confirm the current text below against the official source.
Secured creditors. (1) Where a secured creditor rea- lises his security he may prove for the balance due to him, aftet deducting the net amount realised. (2) Where a secured creditor relinqUishes his security for the general benefit of the creditors, he may prove for his whole debt. ( 3) Where a secured creditor does not either realise or relinquish his security, he shall, before being entitled to have his debt entered m the schedule, state m his proof the parti- culars of his security, and the value at which he assesses it, """"'- and shall be entitled to receive a dividend only in respect of the '\.. balance due to him after deductmg the value so assessed. ~, ( 4) Where a secunty Is so valued, the Court may at any ~ "'-.t1me befot·e realisatiOn redeem it on payment to the creditor of t~ assessed value. "J.5) Where a creditor, after having valued his security subse~ently realises It, the net amount realised shall be substi- tuted fo)l;;_ the amount of any valuatiOn previously made by the creditor, ':Yld shall be treated m all respects as an amended valuatiOn ~de by the creditor ( 6) Wh1~re a secured creditor does not comply with the provisions ofthis section, he shall be excluded from all share m any divide d