(1) A secured creditor shall, for the purposes of proving his debt, state the particulars of his security, the date when it was given and the value at which he assesses it.
(2) The secured creditor may—
- relinquish his security and prove for the whole debt; or
- realise his security and prove for any balance due to him after deducting the net amount realised; or
- value his security and prove for the balance of his debt, deducting the value so estimated.