Practice question
A secured creditor wishes to vote without waiving security. Its collateral value is fixed by agreement with the liquidator and it is admitted for the unsecured balance. Does Section 115 recognize that route?
- No secured creditor may ever vote
- Only if the debtor is a bank
- Only if every creditor waives claims
- Only if it abandons the balance
- Yes; the statute expressly permits the value-fixed and admitted-balance alternative
Legal references
- RA 10142 (FRIA), Sections 4, 7, 9, 17-18, 31-35, 64-70 and 115-121: https://lawphil.net/statutes/repacts/ra2010/ra_10142_2010.html
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