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U.S. Code as of:
01/19/04
Section 1111. Claims and interests
(a) A proof of claim or interest is deemed filed under section
501 of this title for any claim or interest that appears in the
schedules filed under section 521(1) or 1106(a)(2) of this title,
except a claim or interest that is scheduled as disputed,
contingent, or unliquidated.
(b)(1)(A) A claim secured by a lien on property of the estate
shall be allowed or disallowed under section 502 of this title the
same as if the holder of such claim had recourse against the debtor
on account of such claim, whether or not such holder has such
recourse, unless -
(i) the class of which such claim is a part elects, by at least
two-thirds in amount and more than half in number of allowed
claims of such class, application of paragraph (2) of this
subsection; or
(ii) such holder does not have such recourse and such property
is sold under section 363 of this title or is to be sold under
the plan.
(B) A class of claims may not elect application of paragraph (2)
of this subsection if -
(i) the interest on account of such claims of the holders of
such claims in such property is of inconsequential value; or
(ii) the holder of a claim of such class has recourse against
the debtor on account of such claim and such property is sold
under section 363 of this title or is to be sold under the plan.
(2) If such an election is made, then notwithstanding section
506(a) of this title, such claim is a secured claim to the extent
that such claim is allowed.
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