Sec. 1. 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 […]
Sec. 2. In a liquidation proceeding every secured creditor’s claim against the general assets shall disclose the nature of the security. When a decedent’s estate already in the course of administration is judicially declared insolvent or when in an equity receivership it is determined that the subject under receivership is insolvent, secured creditors having claims […]
Sec. 3. Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or […]
Sec. 4. Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it. Formerly: Acts 1941, c.50, s.4.
Sec. 5. (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 […]
Sec. 6. Where valuation under the provisions of section 5 of this chapter is impracticable or would cause undue delay, the court, upon petition by either the secured creditor or the liquidator, may order the value of the security determined by any of the following methods: (1) By compromise, if the secured creditor and the […]
Sec. 7. When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation […]
Sec. 8. This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. Formerly: Acts 1941, c.50, s.9. As amended by Acts 1982, P.L.171, SEC.109.
Sec. 9. This chapter may be cited as Uniform Act Governing Secured Creditors’ Dividends in Liquidation Proceedings. Formerly: Acts 1941, c.50, s.10. As amended by Acts 1982, P.L.171, SEC.110.
