52:27-34 - Action by creditors; plan of adjustment or composition; parties - New Jersey Statutes

52:27-34.  Action by creditors;  plan of adjustment or composition; parties
    The Superior Court may take jurisdiction of an action brought by any creditors of a municipality in which the commission shall function, where the action is instituted by the plaintiff or plaintiffs on behalf of themselves and  all other creditors of the municipality, for the approval of a plan of adjustment or composition of the claims of all creditors or of a class or classes of them similarly situated.  The court may proceed in the action in a summary manner or otherwise.

    The municipality, the commission and all creditors of the municipality shall  be made parties to the action and any creditor of the municipality may appear  and assert his rights.

     Amended by L.1953, c. 49, p. 874, s. 38.