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(a)(1)
An allowed
claim
of a
creditor
secured by a
lien
on property in which the estate has an interest, or that
is subject to setoff under section
553 of this title, is
a secured
claim
to the extent of the value of such
creditor's
interest in the estate's interest in such property, or to
the extent of the amount subject to setoff, as the case
may be, and is an unsecured
claim
to the extent that the value of such
creditor's
interest or the amount so subject to setoff is less than
the amount of such allowed
claim.
Such value shall be determined in light of the purpose of
the valuation and of the proposed disposition or use of
such property, and in conjunction with any hearing on such
disposition or use or on a plan affecting such
creditor's
interest.
(2)
If the
debtor
is an individual in a case under chapter
7
or 13,
such value with respect to personal property securing an
allowed value shall be determined based on the replacement
value of such property as of the date of the filing of the
petition without deduction for costs of sale or marketing.
With respect to property acquired for personal, family,
or household purposes, replacement value shall mean the
price a retail merchant would charge for property of that
kind considering the age and condition of the property at
the time value is determined.
(b)
To the extent that an allowed secured
claim
is secured by property the value of which, after any recovery
under subsection (c) of this section,
is greater than the amount of such
claim,
there shall be allowed to the holder of such
claim,
interest on such
claim,
and any reasonable fees, costs, or charges provided for
under the agreement or State statute under which such
claim
arose.
(c)
The trustee may recover from property securing an allowed
secured
claim
the reasonable, necessary costs and expenses of preserving,
or disposing of, such property to the extent of any benefit
to the holder of such
claim,
including the payment of all ad valorem property taxes with
respect to the property.
(d)
To the extent that a
lien
secures a
claim
against the debtor that is not an allowed secured
claim,
such
lien
is void, unless—
(1)
such
claim
was disallowed only under section
502(b)(5) or
502(e) of this
title; or
(2)
such
claim
is not an allowed secured
claim
due only to the failure of any
entity
to file a proof of such
claim
under section 501 of
this title.
(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2583; Pub.
L. 98-353, title III, § 448, July 10, 1984, 98 Stat.
374; Pub. L.
109-8, Title III, §
327,
Title VII, §
712(d),
April 20, 2005, 119 Stat. 99, 128.)
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