Sec. 23.20.  DISCOUNT OF CLAIM NOT DUE AND ALLOWANCE OF SECURED CLAIM.  (a)  The assignee may allow a claim which is not due at its present value by discounting it at the legal rate.
(b)  If a creditor holds collateral to secure his claim worth less than his claim, the assignee may estimate the value of the collateral and allow the creditor as a claim against the assigned estate only the difference between the value of the collateral and the amount of the claim.
Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.