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New Jersey Statutes, Title: 2A, ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE

    Chapter 46:

      Section: 2A:46-7: Exempt security not credited

           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 proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid.

L.1951 (1st SS), c.344.



This section added to the Rutgers Database: 2013-06-10 16:36:30.






Older versions of 2a:46-7 (if available):



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