2016 New Jersey Revised Statutes
Title 2a - Administration Of Civil And Criminal Justice
Section 2A:46-5 - Determination Of Value By Secured Creditor
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.
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