New Jersey Statutes 2A:46-6. Alternative determinations of value
Terms Used In New Jersey Statutes 2A:46-6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
(1) By compromise, if the secured creditor and the liquidator agree upon a value. The liquidator may redeem such assets by payment of the agreed value, if authorized by the court.
(2) By litigation, through proceedings in the liquidation proceeding. The liquidator may redeem such assets by paying the value so determined, if authorized by the court.
(3) By liquidator’s sale of the assets which, when completed and approved by the court, shall pass to the purchaser good title, free and clear of all liens of the secured creditor, such liens to be transferred to the proceeds of the sale. The order of sale may be either.
(a) Conditional, requiring the sale to be made by the liquidator only if the secured creditor does not complete a determination by collection or creditor’s sale as set forth in said section within a time fixed by the court; or
(b) Absolute, requiring the sale to be made by the liquidator within a time fixed by the court.
L.1951 (1st SS), c.344.