Indiana § 30-2-7-3 Effect of concealment

Indiana Statutes

§ 30-2-7-3 — Effect of concealment

Indiana § 30-2-7-3

Art. 2GENERAL PROVISIONS

Ch. 7Uniform Act Governing Secured Creditors' Dividends in

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Bluebook

Ind. Code § 30-2-7-3 (2026).

Text

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.

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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.