54-10-1. Definition of terms.
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/sd/title-54/chapter-54-10/54-10-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Terms used in this chapter mean:
(1)"Creditor's sale," 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;
(2)"Insolvent debtor," any insolvent person, decedent's estate, partnership, limited liability company, corporation or business association involved in a liquidation proceeding as defined in this chapter;
(3)"Liquidation proceedings," all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estate; 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, limited liability company, corporation or business association;
(4)"Liquidator," any person administering assets in any liquidation proceeding as defined in this chapter; and
(5)"Secured creditor," a creditor who has either legal or equitable security for the creditor's 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 endorser, surety, or other person secondarily liable.