Effect of concealment
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.
Last modified: May 27, 2006