Sec. 4. Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.
Formerly: Acts 1941, c.50, s.4.
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