32:2-12. Deposit of assessed valuation with clerk of Superior Court; payment by clerk

127 words·~1 min read·/nj/title-32/chapter-2/32-2-12

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Upon taking actual possession of the real property or any interest therein, the Port Authority shall deposit with the Clerk of the Superior Court a sum equal to the assessed valuation of the real property or interest therein, which sum shall be paid out by the clerk in accordance with the order or judgment of the court.

Should said sum be insufficient to permit such payment in full, the Port Authority shall, within twenty days after the entry of the judgment, pay to the clerk such sum as may be necessary to provide for full payment. Any surplus left in the hands of the clerk after the judgment has been entered shall be repaid to the Port Authority.

Amended by L.1953, c. 31, p. 563, s. 6.