17:9A-274 - Proceeds of liquidation; deposits; preference - New Jersey Statutes

17:9A-274.  Proceeds of liquidation;  deposits;  preferenceThe proceeds of the liquidation by the commissioner of the assets of a bank  shall be held by him, less the costs and expenses of administration and liquidation, until such proceeds shall be disposed of under the direction of the Superior Court.  Pending such disposition, the moneys collected by the commissioner shall, from time to time, be deposited by him in a bank, and, in the case of the insolvency or suspension of the depositary, the deposits so made shall be preferred before all other deposits.

L.1948,c.67,s.274.