Section 859.19. Secured claims.

 

(1)  When a creditor holds any security for a claim the security shall be described in the claim, and the judgment allowing the claim shall describe the security. The security is sufficiently described if the security document is described by date and by the recording or filing data.

(2)  Payment of the claim shall be upon the basis of:

(a) The full amount thereof if the creditor surrenders the security; or

(b) If the creditor realizes on the security before receiving payment, then upon the full amount of the claim allowed less the fair value of the security.

1985 a. 332 . Cross-reference: See s. 859.13 , which deals with the form and verification of claims generally. Cross-reference: See s. 859.43 , which deals with the payment of secured claims. Cross-reference: See s. 863.13 , which deals with the exoneration of encumbered property.