48:3-25. Certificate of organization; filing; prior liens not affected
206 words·~1 min read·
/nj/title-48/chapter-3/48-3-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It shall be the duty of such new corporation, within one month after its organization, to make a certificate thereof, under its common seal, attested by the signature of its president, specifying the date of such organization, the name so adopted, the amount of capital stock, and the name and residence of its president and directors, and transmit such certificate to the secretary of state at Trenton, to be filed in his office and there remain of record, and a certified copy of such certificate so filed shall be evidence of the corporate existence of such new corporation.
Nothing in this section or sections 48:3-23 and 48:3-24 of this title shall divest or impair the lien or encumbrance of any prior mortgage or other encumbrance upon the property or franchises conveyed under the original sale of such property or franchises, when by the terms of the process or decree under which the sale has been made, or by operation of law such sale is made subject to the lien of any such prior mortgage or other encumbrance, or divest or impair any prior mortgage or other encumbrance thereon created by the vendees of the purchasers at such sale or those holding under them by mesne conveyances.