40A:2-36. Lost, destroyed or defaced obligations

171 words·~1 min read·/nj/title-40a/chapter-2/40a-2-36

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

Lost, destroyed or defaced obligations shall be reissued in the form and tenor of the original obligations upon supplying to the satisfaction of the governing body

(a)proof of ownership,

(b)proof of loss or destruction or the defaced or partially destroyed obligations,

(c)adequate surety bond, and

(d)payment of cost of preparation of new obligations. The new obligations shall be issued pursuant to resolution of the governing body setting forth the written request of the holder or owner or his authorized attorney or legal representative, of the lost, destroyed or defaced obligations and the date, maturity, interest rate, denomination and numbers of such obligations and the amount and term of the surety bond. The new obligations shall be signed by such officers in office at the time of the issuance or the authorization thereof, and the new coupons, if any, shall be authenticated by the facsimile signature of such present or former financial officer as the governing body may designate.

L.1960, c. 169, s. 1, eff. Jan. 1, 1962.