54:11-9 - Sale of intangible corporate assets; disposition of proceeds - New Jersey Statutes

54:11-9.  Sale of intangible corporate assets;  disposition of proceeds    After transfer to him of corporate assets as provided in section 54:11-8 of  this title, the receiver or trustee shall, after such notice and in such manner  as required for the sale under fieri facias of personal property, sell the same  to the highest bidder, and, upon the payment of the purchase money, shall  execute and deliver to the purchaser thereof an assignment and transfer of all  the patents and interests of the corporation so sold.  Such assignment or  transfer shall vest in the purchaser a valid title to all the right, title and  interest of the corporation therein.  The proceeds of the sale shall be applied  to the payment of the unpaid taxes, together with the costs of the proceedings.