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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
30-2-7-7. Exempt security not credited
Universal Citation: IN Code § 30-2-7-7 (2018)
IC 30-2-7-7 Exempt security not credited
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 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.
Formerly: Acts 1941, c.50, s.7.
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