New Jersey § 25:2-21
Full text of New Jersey New Jersey Statutes § 25:2-21, with citation guidance and answers to common questions.
§ 25:2-21.
As used in this article: “ Affiliate ” means: a. A person who directly or indirectly owns, controls, or holds with power to vote,
20% or more of the outstanding voting securities of the debtor, other than a person
who holds the securities : (1) As a fiduciary or agent without sole discretionary power to vote the securities;
or (2) Solely to secure a debt, if the person has not in fact exercised the power to vote; b. A corporation 20% or more of whose outstanding voting securities are directly or
indirectly owned, controlled, or held with power to vote, by the debtor or a person
who directly or indirectly owns, controls, or holds with power to vote, 20% or more
of the outstanding voting securities of the debtor, other than a person who holds
the securities : (1) As a fiduciary or agent without sole discretionary power to vote the securities; or (2) Solely to secure a debt, if the person has not in fact exercised the power to
vote; c. A person whose business is operated by the debtor under a lease or other agreement,
or a person substantially all of whose assets are controlled by the debtor; or d. A person who operates the debtor's business under a lease or other agreement or
controls substantially all of the debtor's assets. “ Asset ” means property of a debtor, but the term does not include: a. Property to the extent it is encumbered by a valid lien; b. Property to the extent it is generally exempt under nonbankruptcy law; or c. An interest in property held in tenancy by the entireties to the extent it is not
subject to process by a creditor holding a claim against only one tenant. “ Claim ” , except as used in “ claim for relief ,” means a right to payment, whether or not the right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, secured, or unsecured. “ Creditor ” means a person who has a claim. “ Debt ” means liability on a claim. “ Debtor ” means a person who is liable on a claim. “ Electronic ” means relating to technology having electrical, digital, magnetic, wireless, optical,
electromagnetic, or similar capabilities.
Frequently Asked Questions About New Jersey § 25:2-21
What does New Jersey Statutes § 25:2-21 cover?
Section 25:2-21 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 25:2-21?
A common citation format is "New Jersey Statutes § 25:2-21" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 25:2-21 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.