New Jersey § 17B:32-70 Determination of value of security

New Jersey Statutes

§ 17B:32-70 — Determination of value of security

New Jersey § 17B:32-70

Title 17BINSURANCE

This text of New Jersey § 17B:32-70 (Determination of value of security) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 17B:32-70 (2026).

Text

40. a. The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:

(1)By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditor; or (2) By agreement, arbitration, compromise or litigation between the creditor and the liquidator. b. The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured. L.1992,c.65,s.40.

Free access — add to your briefcase to read the full text and ask questions with AI

40. a. The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct: (1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditor; or (2) By agreement, arbitration, compromise or litigation between the creditor and the liquidator. b. The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured. L.1992,c.65,s.40.