New Jersey § 2A:46-7 Exempt security not credited

New Jersey Statutes

§ 2A:46-7 — Exempt security not credited

New Jersey § 2A:46-7

Title 2AADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE

This text of New Jersey § 2A:46-7 (Exempt security not credited) 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. § 2A:46-7 (2026).

Text

When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid. L.1951 (1st SS), c.344.

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When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid. L.1951 (1st SS), c.344.