128.25 Uniform act governing secured creditor’s dividends in liquidation proceedings.
137 words·~1 min read·
/wi/chapter-128/128-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
128.25 Uniform act governing secured creditor’s dividends in liquidation proceedings.
(1)Definitions. As used in this section, unless the context or subject matter requires otherwise:
(a)“Creditor’s sale” includes any sale effected by the secured creditor by judicial process or otherwise under the terms of his or her contract or the applicable law for the purpose of realizing upon his or her security.
(b)“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.
(c)“Liquidator” means any person administering assets in any liquidation proceeding as defined in this section.