54:5-134 - Transfer of municipal lien - New Jersey Statutes

54:5-134  Transfer of municipal lien.

5. a.  No municipal lien shall be transferred to a joint municipal lien fund unless the record owner of the property subject to the lien has first been sent notice, by regular and certified mail, of the intended transfer and been given an opportunity to redeem the lien at least 10 days prior to the transfer.

b.A municipal lien transferred to a joint municipal lien pool shall remain the property of the municipality transferring the lien until actually sold by the pool.  Joint municipal lien pools shall not own or foreclose upon municipal liens.  The sale or arrangement for use as collateral for a bond or note of a municipal lien shall not affect redemption rights or the existing foreclosure process.

L.1997,c.274,s.5.