2A:46-1. Definitions
208 words·~1 min read·
/nj/title-2a/chapter-46/2a-46-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this chapter, unless the context or subject matter requires otherwise:
(a)"Liquidation proceeding" includes all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estates; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, corporation or business association.
(b)"Liquidator" means any person administering assets in any liquidation proceeding as defined in this chapter.
(c)"Insolvent debtor" means any insolvent person, decedent's estate, partnership, corporation or business association involved in a liquidation proceeding as defined in this chapter.
(d)"Secured creditor" means a creditor who has either legal or equitable security for his debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some indorser, surety, or other person secondarily liable.
(e)"Creditor's sale" includes any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security.
L.1951 (1st SS), c.344.