Professional statute overview
Enactment structure, operative effect and source provenance
01
Purpose and legislative effect
“A secured claim is paid based on the allowed amount if the creditor surrenders the security; otherwise payment is reduced by the security’s value or fair value, depending on whether the security is exhausted.”
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02
How the instrument operates
- 01
Start with the recorded version
Enacted 2017 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.
- 02
Locate the controlling provision
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- 03
Read conditions and exceptions together
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- 04
Verify currency and official wording
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03
Research entry points
Selected provisions across the instrument. Open any row to continue with the exact stored text.
A secured claim is paid based on the allowed amount if the creditor surrenders the security; otherwise payment is reduced by the security’s value or fair value, depending on whether the security is exhausted.
Section 3-809
04
Source and current-law status
Source record view
Source record from legislature.maine.gov · Enacted 2017 · Source version 1 Oct 2025
The source record does not state a definitive current-law status. Check the official publisher and later amendments before relying on this text.