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New Jersey Statutes, Title: 2A, ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE
Chapter 46:
Section: 2A:46-5: Determination of value by secured creditor
(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.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 2a:46-5 (if available):
Court decisions that cite this statute:
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