2A:46-3 - Effect of concealment
2A:46-3.Ā Effect of concealment
Any secured creditor who with intent to evade the provisions of this chapterĀ fails to disclose the existence of the security shall not be entitled toĀ receive or retain dividends out of the general assets, unless he thereafterĀ releases or surrenders to the liquidator the security which he has failed toĀ disclose, or unless he procures such release or surrender if the security is inĀ the possession of an indorser, surety, or other person secondarily liable forĀ the insolvent debtor.
Ā
L.1951 (1st SS), c.344.
Ā
Any secured creditor who with intent to evade the provisions of this chapterĀ fails to disclose the existence of the security shall not be entitled toĀ receive or retain dividends out of the general assets, unless he thereafterĀ releases or surrenders to the liquidator the security which he has failed toĀ disclose, or unless he procures such release or surrender if the security is inĀ the possession of an indorser, surety, or other person secondarily liable forĀ the insolvent debtor.
Ā
L.1951 (1st SS), c.344.
Ā