New Jersey § 2a:46-6
Full text of New Jersey New Jersey Statutes § 2a:46-6, with citation guidance and answers to common questions.
§ 2a:46-6.
Where valuation under the provisions of section 2A:46-5 is impracticable or would cause undue delay, the court, upon application by either
the secured creditor or the liquidator, may order the value of the security determined
by any of the following methods: (1) By compromise, if the secured creditor and the liquidator agree upon a value. The liquidator may redeem such assets by payment of the agreed value, if authorized
by the court. (2) By litigation, through proceedings in the liquidation proceeding. The liquidator may redeem such assets by paying the value so determined, if authorized
by the court. (3) By liquidator's sale of the assets which, when completed and approved by the court,
shall pass to the purchaser good title, free and clear of all liens of the secured
creditor, such liens to be transferred to the proceeds of the sale. The order of sale may be either. (a) Conditional, requiring the sale to be made by the liquidator only if the secured
creditor does not complete a determination by collection or creditor's sale as set
forth in said section within a time fixed by the court; or (b) Absolute, requiring the sale to be made by the liquidator within a time fixed
by the court.
Frequently Asked Questions About New Jersey § 2a:46-6
What does New Jersey Statutes § 2a:46-6 cover?
Section 2a:46-6 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 § 2a:46-6?
A common citation format is "New Jersey Statutes § 2a:46-6" (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 § 2a:46-6 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.