Sec. 5. (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.
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Terms Used In Indiana Code 30-2-7-5
- Liquidator: means any person administering assets in any liquidation proceeding as defined in this chapter. See Indiana Code 30-2-7-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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. See Indiana Code 30-2-7-1
Formerly: Acts 1941, c.50, s.5.
