17:12B-187. Segregation and application of money paid after commissioner takes possession
169 words·~1 min read·
/nj/title-17/chapter-12b/17-12b-187·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)All moneys, which shall be paid on any unpledged account or shares of a State association after the commissioner has taken charge of such State association and possession of its assets, shall be segregated from all other receipts, and held in trust, until the property and business of the State association shall be returned to the management of its board, or until it shall merge, reorganize, or dissolve. Upon the happening of any of such events, such money shall, without any impairment whatever and at the option of each person who shall have paid the same either be repaid to him or credited to his account.
(b)All moneys, which shall be paid on any indebtedness due to the State association, or on any account which shall be pledged for the payment of any such indebtedness, after the commissioner has taken charge of such State association and possession of its assets, shall be applied without impairment directly to the payment of such indebtedness.
L.1963, c. 144, s. 187.