44-1040. Discount of claims allowed but not
due; amount payable on claim secured by collateral in possession
of creditor


Claims not due may be allowed at their present value by discounting them at the rate
of interest mentioned in the contract, if any, otherwise at the legal rate. If any
creditor holds collateral or security of less value than his debt, the value thereof may
be estimated by the assignee and only the difference between such value and the amount of
the debt shall be allowed.