N.J.S.A. 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.

This is the verbatim text of N.J.S.A. 2A:46-5, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.