42:3-22. Sale of property of association by receivers
126 words·~1 min read·
/nj/title-42/chapter-3/42-3-22A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The receivers appointed under authority of section 42:3-20 of this Title shall have power to sell, convey and assign all of the estates, property, rights and interests of the association, and shall hold and dispose of the proceeds of any such sale under the direction of the Superior Court.
The title of the grantees or purchasers to the lands and property thus conveyed and assigned by said receivers shall be the same as if the property had been sold, conveyed and assigned by the association and all of its individual partners or members before the expiration or dissolution thereof or by all of the individual partners or members after the expiration or dissolution.
Amended by L.1953, c. 40, p. 763, s. 12, eff. March 19, 1953.