Sec. 3. Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an indorser, surety, or other person secondarily liable for the insolvent debtor.
Formerly: Acts 1941, c.50, s.3. As amended by Acts 1982, P.L.171, SEC.107.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings
30-2-7-2. Secured Creditors' Claim Must Disclose Security
30-2-7-3. Effect of Concealment
30-2-7-4. Value of Security Credited Upon Claims
30-2-7-5. Determination of Value by Secured Creditor
30-2-7-6. Alternative Determination of Value
30-2-7-7. Exempt Security Not Credited