42:3-21 - General powers of trustees or receivers - New Jersey Statutes

42:3-21.  General powers of trustees or receivers
    The receivers appointed under authority of section 42:3-20 of this Title, shall have full power and authority to demand, sue for, collect, receive and take into their possession all the property, both real and personal of every description, belonging to the association, and to sue for the recovery of any estate, property, damages or demands existing in favor of the association.

    The receivers may, in their discretion, compound and settle with any debtor  or creditor of the association, or with persons having possession of its  property or responsible to the association at the time of its expiration or  dissolution or afterwards, upon such terms as such receivers shall deem just  and beneficial to the association.

    The receivers may, in the case of mutual dealings between the association and any person, allow just set-offs in favor of such person where the same ought to be allowed.

    The receivers shall also have power and authority to do all other acts which  might be done by the association if in being, and that may be necessary for the  final settlement of the unfinished business of the association.

     Amended by L.1953, c. 40, p. 762, s. 11, eff. March 19, 1953.