52:27-38 - Continuance of stay of proceedings against municipality; action by creditor to enforce claim restricted - New Jersey Statutes

52:27-38.  Continuance of stay of proceedings against municipality; action by creditor to enforce claim restricted
    After the institution of any action or proceeding provided for by this article and pending the determination thereof, the Superior Court may by order continue the stay provided by sections 52:27-32.1 and 52:27-33 of this Title.

    In the event that a plan shall be authorized and approved pursuant to this article the court shall retain jurisdiction of such action or proceeding and thereafter no creditor whose claim is included in such adjustment or composition shall be authorized to bring any action or proceeding of any kind or character for the enforcement of his claim except with the permission of the  court and then only to recover and enforce the rights given him by the adjustment or composition.

     Amended by L.1953, c. 49, p. 875, s. 41.