17:9A-171. Effect of reorganization upon claims and property
83 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-171A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon the issuance of the certificate of authority pursuant to subsection C of section 168,
(1)the plan shall be binding upon the bank and upon all of its depositors, other creditors and stockholders; and
(2)the property dealt with by the plan shall be free and clear of all claims and interests, except as provided in the plan or in such order as the court may make authorizing or directing the transfer of such property.
L.1948, c. 67, p. 303, s. 171.