52:27BB-82 - Administration of assets and liabilities - New Jersey Statutes

52:27BB-82.  Administration of assets and liabilities
    If the board finds the unsound financial conditions in the municipality are  due in whole or in part to failure to liquidate old liabilities, excluding  those covered by section 61 (C. 52:27BB-61), it may authorize the director to  liquidate any or all of the municipality's liabilities which are due and unpaid  for more than 2 years and all of its unrealized assets which have been  outstanding for 2 years, computed in the case of taxes and assessments from  December 1 of the year of levy or assessment, other intangible property from  the date of accrual, and tangible property from the date of acquisition of  title.  The several officers of the municipality shall thereafter, immediately  upon request by the director, certify to him all assets and liabilities of the  municipality which have been placed under his administration pursuant to this  section and shall at the same time deliver to him all evidence and records of  the existence and legality of such assets and liabilities as may be in their  possession or control.

    The director shall exercise in the name of the municipality, all powers pertaining to the enforcement of obligations that are vested by law in the municipality.  But the director shall have a no power to accept less than the full amount in satisfaction of the obligations, nor to agree to the transfer of  title of property to the municipality in lieu thereof without the prior approval of the governing body.  The director shall forthwith pay all moneys coming into his hands to the treasurer.

     L.1947, c. 151, p. 675, s. 82.  Amended by L.1981, c. 211, s. 10, eff. July 20, 1981.