New Jersey § 2a:46-1

§ 2a:46-1.

As used in this chapter, unless the context or subject matter requires otherwise: (a) “ Liquidation proceeding ” includes all assignments for the benefit of creditors, whether voluntary or by operation

of law; administration of insolvent decedents' estates; liquidations of insolvent

banks; equity receiverships where the subject under receivership is insolvent; and

any other proceedings for distribution of assets of any insolvent debtor, whether

a person, decedent's estate, partnership, corporation or business association. (b) “ Liquidator ” means any person administering assets in any liquidation proceeding as defined in

this chapter. (c) “ Insolvent debtor ” means any insolvent person, decedent's estate, partnership, corporation or business

association involved in a liquidation proceeding as defined in this chapter. (d) “ Secured creditor ” means a creditor who has either legal or equitable security for his debt upon any

property of the insolvent debtor of a nature to be liquidated and distributed in a

liquidation proceeding, or a creditor to whom is owed a debt for which such security

is possessed by some indorser, surety, or other person secondarily liable. (e) “Creditor's sale” includes any sale effected by the secured creditor by judicial

process or otherwise under the terms of his contract or the applicable law for the

purpose of realizing upon his security.