17:12B-188. Effect of commissioner's possession on rights of third persons
104 words·~1 min read·
/nj/title-17/chapter-12b/17-12b-188·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon taking charge of a State association and possession of its property, the commissioner shall give notice thereof forthwith to all persons holding or having possession of any assets of the State association. No person having knowledge or notice that the commissioner has taken charge of a State association shall thereafter acquire any lien upon any of the State association's assets for any payment advanced, or clearance thereafter made. Upon taking charge of a State association by the commissioner, all judgments, levies and executions against such State association's property shall be stayed, unless otherwise ordered by the Superior Court.
L.1963, c. 144, s. 188.