New Jersey Statutes 17:9A-271. Effect of possession by commissioner on liens; possession as a stay
Terms Used In New Jersey Statutes 17:9A-271
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
B. While the commissioner is in possession of the property and business of a bank, no person shall acquire a lien or charge on any assets of the bank for any liability of the bank existing at the time of the taking of possession.
C. So long as the commissioner retains possession of the property and business of a bank, and unless otherwise ordered by the Superior Court, upon notice to the commissioner,
(1) no person shall institute a proceeding in any court against the bank, except as authorized by this article, and the running of any statute of limitations shall be suspended so long as the disability imposed by this paragraph remains in effect;
(2) all proceedings pending in any court when the commissioner takes possession shall be stayed; and
(3) no judgment, levy, execution or distraint shall be enforced against the property of the bank.
D. The Superior Court shall have jurisdiction to make such orders as may be necessary to effect the purposes of this section.
L.1948, c.67,s.271; amended 1953, c.17,s.44.