40:37A-71 - Deposit of estimated compensation - New Jersey Statutes

40:37A-71.  Deposit of estimated compensation
    Upon the filing by an authority of a declaration of taking of property as provided in this act, the authority shall deposit with the Clerk of the Superior Court the amount of the estimated compensation stated in said declaration.  In addition to the said deposits with the Clerk of the Superior Court, the authority at all times shall maintain a fund on deposit with a bank or trust company doing business in the State in an amount at least equal to the  aggregate amount deposited with the Clerk of the Superior Court as estimated  compensation for all property described in declarations of taking with respect  to which the compensation has not been finally determined and paid to the  persons entitled thereto or into court. Said fund shall consist of cash or  securities readily convertible into cash constituting legal investments for  trust funds under the laws of the State or may consist of all or some part of  the proceeds of bonds of the authority held by any trustee for the holders of  such bonds and available for payment for the land or other property described  in such declarations of taking.  Said fund shall be held by or on behalf of the  authority to secure and may be applied to the payment of just compensation for  the land or other property described in such declarations of taking.  The  authority shall be entitled to withdraw from said fund from time to time so  much as may then be in excess of the aggregate amount deposited with the Clerk  of the Superior Court as estimated compensation for all land or other property described in declarations of taking with respect to which the compensation has  not been finally determined and paid to the persons entitled thereto or into  court.

     L.1960, c. 183, p. 748, s. 28, eff. Jan. 18, 1961.