17:14A-80. Custodial possession by commissioner; causes
222 words·~1 min read·
/nj/title-17/chapter-14a/17-14a-80·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commissioner shall have the authority to institute an action in the Superior Court to take custodial possession of the property of any safe deposit company:
a. Which has filed for bankruptcy or has been adjudicated a bankrupt;
b. Which is insolvent or has been placed in receivership;
c. Against which any proceedings have been instituted for bankruptcy, insolvency, receivership, agreement of composition or assignment for the benefit of creditors;
d. Against which a summary dispossess action has been instituted;
e. Against which has been issued a judgment, writ of execution, levy or sale;
f. Which has violated the provisions of its certificate of incorporation or any law of this State;
g. Which has refused to submit its books, papers, records, documents, and things to the inspection of the commissioner or any examiner appointed by him;
h. Whose officer or director has refused to be examined upon oath concerning the affairs of the safe deposit company or has refused to answer questions under oath or to produce any books, papers, records, or documents of the safe deposit company in his possession, custody or control;
i. Which has suspended its business for want of funds to carry on its business;
j. Which is, in the opinion of the commissioner, in an unsafe or unsound condition to transact business.
L.1983, c. 566, s. 17:14A-80.