4:12-8 - Proceedings by secretary to determine amount due each creditor - New Jersey Statutes

4:12-8.  Proceedings by secretary to determine amount due each creditor
    The secretary shall audit claims properly filed and determine the amounts due all such creditors.

    After the expiration of ninety days from the termination of a license period  or sooner if it appears practicable to do so, the secretary shall, by sale of  the securities or by demand upon the surety secure an amount necessary to  satisfy all claims properly filed.  If the surety shall not make payment upon  demand by the secretary, he shall by action recover from the surety the amount  necessary to satisfy such claims, which sum shall not exceed the amount of the  bond filed.  Upon securing moneys available for the satisfaction of such claims  in accordance with this section, the secretary shall make distribution to the  claimants in accordance with the proofs filed, either ratably, or in full as  the case may be.

    If a creditor has reduced his claim to judgment, the judgment shall be presumptive proof of the amount due him.