17:9A-274. Proceeds of liquidation; deposits; preference
87 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-274A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The proceeds of the liquidation by the commissioner of the assets of a bank shall be held by him, less the costs and expenses of administration and liquidation, until such proceeds shall be disposed of under the direction of the Superior Court. Pending such disposition, the moneys collected by the commissioner shall, from time to time, be deposited by him in a bank, and, in the case of the insolvency or suspension of the depositary, the deposits so made shall be preferred before all other deposits.
L.1948,c.67,s.274.