15A:14-9. Payment or delivery to corporation
111 words·~1 min read·
/nj/title-15a/chapter-14/15a-14-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. After the commencement of a receivership action, but before the appointment of a receiver, a debtor of the corporation may make payment to the corporation of the debt, and a person holding property of the corporation may deliver it to the corporation, and the payment and the delivery shall have the same effect as if the receivership action were not pending.
b. If the payment or the delivery is made after the appointment of a receiver by a person acting in good faith the payment and the delivery shall have the same effect as if a receiver had not been appointed.
L.1983, c. 127, s. 15A:14-9, eff. Oct. 1, 1983.