2A:46-1 - Definitions - New Jersey Statutes

2A:46-1.  Definitions
    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 distribution of assets of any insolvent debtor, whether a  person, decedent's estate, partnership, corporation or business association.

    (b)  "Liquidator"  means any person administering assets in any liquidation  proceeding as defined in this chapter.

    (c)  "Insolvent debtor"  means any insolvent person, decedent's estate, partnership, corporation or business association involved in a liquidation proceeding as defined in this chapter.

    (d)  "Secured creditor"  means a creditor who has either legal or equitable  security for his 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 indorser,  surety, or other person secondarily liable.

    (e)  "Creditor's sale"  includes 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.
 
L.1951 (1st SS), c.344.