2A:56-36. Action on refunding bond; disposition of proceeds
145 words·~1 min read·
/nj/title-2a/chapter-56/2a-56-36A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The custody of the refunding bonds mentioned in section 2A:56-35 of this title shall be in the control of the court. The court may, on application of a person who makes it appear to the satisfaction of the court that he is entitled to the money secured by 1 or more of the refunding bonds, or any part thereof, order that the money secured thereby be collected for the benefit of such person, by and in the name of the clerk of the court, who is hereby authorized to bring action thereon.
The court may by order or judgment dispose of the money so collected as it may deem just and right and may at any time order and enter judgment directing the payment out of such share or interest such costs and expenses as it may deem necessary and expedient.
L.1951 (1st SS), c.344.