§ 30-2-7-1 — Definitions

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.