Section 1029 Of Article 14. Proceedings In Cases Of Insolvency And Delinquency From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 14.

. A claim of a secured claimant shall not be allowed in a sum greater than the excess over the value of the security of the amount for which the claim would be allowable if unsecured, unless the claimant surrenders the security to the liquidator. Upon such surrender the claim may be allowed in the full amount for which it is valued.