§ 10-18-10 Effect of approval of plan onprior secured creditors. – (a) All prior secured creditors who have been scheduled in the plan from theinitial filing of the petition with the court or whose application has beensubmitted to the court within ten (10) days of filing with the secretary ofstate as provided in § 10-18-8(a)(2) may either:
(1) Join the plan if approved and receive payments asdetermined by the plan; or
(2) Reclaim or repossess the collateral sold on security.
(b) If a prior secured creditor has not been scheduled in theplan from the initial filing of the petition with the court and whoseapplication has not been submitted to the court within ten (10) days of thefiling with the secretary of state as provided in § 10-18-8(a)(2), he orshe may reclaim or repossess the collateral sold on security if the debtordefaults upon the contract of sale unless the retention of the collateral bythe debtor is essential to the continuance of his or her employment uponreasonable terms and conditions. In such case subsection (e) of this sectionshall apply.
(c) If a secured creditor under subsection (a)(2) or (b) ofthis section or § 10-18-11(c) reclaims or repossesses the collateral soldon security, that shall be the extent of his or her recovery.
(d) Notwithstanding § 10-18-7, any action, judicial ornon-judicial, by a secured creditor under subsection (a)(2) or (b) of thissection or § 10-18-11(c) for the purpose of reclaiming or repossessingcollateral sold on security shall be enforced.
(e) At any time either during the pendency of proceedingshereunder or pursuant to subsection (a)(2) or (b) of this section or §10-18-11(c) and before a secured creditor shall have acquired actual possessionof the collateral to which this subsection applies, the debtor may petition thecourt, upon notice to the secured creditor, to stay any action, judicial ornonjudicial, by the secured creditor to reclaim or repossess such collateral asthe debtor shall identify in his or her petition on the grounds that theretention of the collateral by the debtor is essential to the continuance ofhis or her employment upon reasonable terms and conditions. Upon the filing ofa written notice by the secured creditor, within twenty (20) days of theservice upon him or her of a copy of the petition, the court shall order ahearing and, upon a determination for the debtor, shall order a stay whichshall be effective during the pendency of these proceedings. The stay shallautomatically terminate if the debtor shall fail to pay to the creditor on anyinstallment date, as provided in the plan, a payment in the minimum amount ofthe approximate depreciation in the fair market value of the relevantcollateral for the period since the previous payment or the installmentsactually due under the relevant deferred payment contract, whichever is less.The amount may be fixed by the court and may be varied from time to time uponpetition to the court by the secured creditor, the receiver, or the debtor,with notice to all other parties.
(f) Notwithstanding subsection (e) of this section, acreditor may at any time during the pendency of proceedings herein, petitionthe court to reclaim or repossess such collateral as such creditor may identifyin his or her petition. A creditor may also petition the court to direct thereceiver to distribute assets in his or her possession. The court shalldetermine the manner of giving notice of such petitions and shall in itsdiscretion grant, deny, or modify the creditor's petition.
§ 10-18-10 Effect of approval of plan onprior secured creditors. – (a) All prior secured creditors who have been scheduled in the plan from theinitial filing of the petition with the court or whose application has beensubmitted to the court within ten (10) days of filing with the secretary ofstate as provided in § 10-18-8(a)(2) may either:
(1) Join the plan if approved and receive payments asdetermined by the plan; or
(2) Reclaim or repossess the collateral sold on security.
(b) If a prior secured creditor has not been scheduled in theplan from the initial filing of the petition with the court and whoseapplication has not been submitted to the court within ten (10) days of thefiling with the secretary of state as provided in § 10-18-8(a)(2), he orshe may reclaim or repossess the collateral sold on security if the debtordefaults upon the contract of sale unless the retention of the collateral bythe debtor is essential to the continuance of his or her employment uponreasonable terms and conditions. In such case subsection (e) of this sectionshall apply.
(c) If a secured creditor under subsection (a)(2) or (b) ofthis section or § 10-18-11(c) reclaims or repossesses the collateral soldon security, that shall be the extent of his or her recovery.
(d) Notwithstanding § 10-18-7, any action, judicial ornon-judicial, by a secured creditor under subsection (a)(2) or (b) of thissection or § 10-18-11(c) for the purpose of reclaiming or repossessingcollateral sold on security shall be enforced.
(e) At any time either during the pendency of proceedingshereunder or pursuant to subsection (a)(2) or (b) of this section or §10-18-11(c) and before a secured creditor shall have acquired actual possessionof the collateral to which this subsection applies, the debtor may petition thecourt, upon notice to the secured creditor, to stay any action, judicial ornonjudicial, by the secured creditor to reclaim or repossess such collateral asthe debtor shall identify in his or her petition on the grounds that theretention of the collateral by the debtor is essential to the continuance ofhis or her employment upon reasonable terms and conditions. Upon the filing ofa written notice by the secured creditor, within twenty (20) days of theservice upon him or her of a copy of the petition, the court shall order ahearing and, upon a determination for the debtor, shall order a stay whichshall be effective during the pendency of these proceedings. The stay shallautomatically terminate if the debtor shall fail to pay to the creditor on anyinstallment date, as provided in the plan, a payment in the minimum amount ofthe approximate depreciation in the fair market value of the relevantcollateral for the period since the previous payment or the installmentsactually due under the relevant deferred payment contract, whichever is less.The amount may be fixed by the court and may be varied from time to time uponpetition to the court by the secured creditor, the receiver, or the debtor,with notice to all other parties.
(f) Notwithstanding subsection (e) of this section, acreditor may at any time during the pendency of proceedings herein, petitionthe court to reclaim or repossess such collateral as such creditor may identifyin his or her petition. A creditor may also petition the court to direct thereceiver to distribute assets in his or her possession. The court shalldetermine the manner of giving notice of such petitions and shall in itsdiscretion grant, deny, or modify the creditor's petition.
§ 10-18-10 Effect of approval of plan onprior secured creditors. – (a) All prior secured creditors who have been scheduled in the plan from theinitial filing of the petition with the court or whose application has beensubmitted to the court within ten (10) days of filing with the secretary ofstate as provided in § 10-18-8(a)(2) may either:
(1) Join the plan if approved and receive payments asdetermined by the plan; or
(2) Reclaim or repossess the collateral sold on security.
(b) If a prior secured creditor has not been scheduled in theplan from the initial filing of the petition with the court and whoseapplication has not been submitted to the court within ten (10) days of thefiling with the secretary of state as provided in § 10-18-8(a)(2), he orshe may reclaim or repossess the collateral sold on security if the debtordefaults upon the contract of sale unless the retention of the collateral bythe debtor is essential to the continuance of his or her employment uponreasonable terms and conditions. In such case subsection (e) of this sectionshall apply.
(c) If a secured creditor under subsection (a)(2) or (b) ofthis section or § 10-18-11(c) reclaims or repossesses the collateral soldon security, that shall be the extent of his or her recovery.
(d) Notwithstanding § 10-18-7, any action, judicial ornon-judicial, by a secured creditor under subsection (a)(2) or (b) of thissection or § 10-18-11(c) for the purpose of reclaiming or repossessingcollateral sold on security shall be enforced.
(e) At any time either during the pendency of proceedingshereunder or pursuant to subsection (a)(2) or (b) of this section or §10-18-11(c) and before a secured creditor shall have acquired actual possessionof the collateral to which this subsection applies, the debtor may petition thecourt, upon notice to the secured creditor, to stay any action, judicial ornonjudicial, by the secured creditor to reclaim or repossess such collateral asthe debtor shall identify in his or her petition on the grounds that theretention of the collateral by the debtor is essential to the continuance ofhis or her employment upon reasonable terms and conditions. Upon the filing ofa written notice by the secured creditor, within twenty (20) days of theservice upon him or her of a copy of the petition, the court shall order ahearing and, upon a determination for the debtor, shall order a stay whichshall be effective during the pendency of these proceedings. The stay shallautomatically terminate if the debtor shall fail to pay to the creditor on anyinstallment date, as provided in the plan, a payment in the minimum amount ofthe approximate depreciation in the fair market value of the relevantcollateral for the period since the previous payment or the installmentsactually due under the relevant deferred payment contract, whichever is less.The amount may be fixed by the court and may be varied from time to time uponpetition to the court by the secured creditor, the receiver, or the debtor,with notice to all other parties.
(f) Notwithstanding subsection (e) of this section, acreditor may at any time during the pendency of proceedings herein, petitionthe court to reclaim or repossess such collateral as such creditor may identifyin his or her petition. A creditor may also petition the court to direct thereceiver to distribute assets in his or her possession. The court shalldetermine the manner of giving notice of such petitions and shall in itsdiscretion grant, deny, or modify the creditor's petition.
