Definitions
Sec. 1. As used in this chapter, unless the context or
subject-matter requires otherwise:
(a) "Liquidation proceeding" includes all assignments for the
benefit of creditors, whether voluntary or by operation of law;
administration of insolvent decedents' estates; liquidations of
insolvent banks; equity receiverships where the subject under
receivership is insolvent; and any other proceedings for distribution
of assets of any insolvent debtor, whether a person, decedent's estate,
partnership, limited liability company, corporation, or business
association.
(b) "Liquidator" means any person administering assets in any
liquidation proceeding as defined in this chapter.
(c) "Insolvent debtor" means any insolvent person, decedent's
estate, partnership, limited liability company, corporation, or
business association involved in a liquidation proceeding as defined
in this chapter.
(d) "Secured creditor" means a creditor who has either legal or
equitable security for his debt upon any property of the insolvent
debtor of a nature to be liquidated and distributed in a liquidation
proceeding, or a creditor to whom is owed a debt for which such
security is possessed by some indorser, surety, or other person
secondarily liable.
(e) "Creditor's sale" includes any sale effected by the secured
creditor by judicial process or otherwise under the terms of his
contract or the applicable law for the purpose of realizing upon his
security.
(Formerly: Acts 1941, c.50, s.1.) As amended by Acts 1982, P.L.171,
SEC.106; P.L.8-1993, SEC.464.
Last modified: May 27, 2006