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2018 Indiana Code
TITLE 30. Trusts and Fiduciaries
ARTICLE 2. GENERAL PROVISIONS
CHAPTER 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings
30-2-7-3. Effect of concealment
Universal Citation: IN Code § 30-2-7-3 (2018)
IC 30-2-7-3 Effect of concealment
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 unless he procures such release or surrender if the security is in the possession of an indorser, surety, or other person secondarily liable for the insolvent debtor.
Formerly: Acts 1941, c.50, s.3. As amended by Acts 1982, P.L.171, SEC.107.
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