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Code · New Jersey · Title 2A — Administration of Civil and Criminal Justice · Chapter 46

2A:46-5. Determination of value by secured creditor

75 words·~1 min read·/nj/title-2a/chapter-46/2a-46-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)By collection. When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.
(2)By creditor's sale. When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.
L.1951 (1st SS), c.344.
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