Texas Business and Commerce Code 23.20 – Discount of Claim Not Due and Allowance of Secured Claim
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(a) The assignee may allow a claim which is not due at its present value by discounting it at the legal rate.
(b) If a creditor holds collateral to secure his claim worth less than his claim, the assignee may estimate the value of the collateral and allow the creditor as a claim against the assigned estate only the difference between the value of the collateral and the amount of the claim.
