Sec. 4. Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.
Ind. Code § 30-2-7-4
Value of security credited upon claims
Known as the Uniform Act
The act spans §§ 30-2-5-1 to 30-2-7-9 (20 sections).
Formerly: Acts 1941, c.50, s.4.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.