54:4-124 - Receiver's agent to collect rents and income and manage property; appointment; removal; accounting of rents and income - New Jersey Statutes

54:4-124.  Receiver's agent to collect rents and income and manage property;   appointment;  removal;  accounting of rents and income
    Upon his appointment, the receiver, by and with the approval of the governing body of such municipality, in all cases where the real property in question is encumbered by a first mortgage shall appoint such first mortgagee, if such mortgagee is a proper person and is willing to accept such appointment,  as the receiver's agent to collect the rents and income from such real property  and manage the same and in all other cases the receiver, by and with the  approval of the governing body of such municipality may designate the person in  charge or management of such real property or some other competent person as  the receiver's agent to collect the rents and income from such real property  and manage the same, which mortgagee or other person shall account promptly to  the collector for the rents and income so collected;  provided, however, that  if the mortgagee or other person so designated is derelict in collecting or  accounting for such rents and income or in the management of such real  property, the collector shall apply to the court for the removal of such  designated mortgagee or other person, upon notice in writing to him, and the  court upon removing such designated mortgagee or other person, in its  discretion, may designate another person to collect the rents and income from  such real property and manage the same and account to the collector for the  rents and income of such real property as aforesaid.

     L.1939, c. 362, p. 871, s. 2.