New Jersey Statutes 54:5-19.2. Definitions relative to contracts for property tax lien management services
Terms Used In New Jersey Statutes 54:5-19.2
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
“Director” means the Director of the Division of Local Government Services in the Department of Community Affairs.
“Property” means parcels of land and their improvements on which the municipality holds a tax lien, or which were acquired by the municipality through the property tax foreclosure process, and including such parcels that the municipality possesses and for which it acts as a receiver pursuant to section 1 of P.L.1942, c.54 (C. 54:5-53.1).
“Qualified municipality” means a municipality that is qualified to receive assistance under P.L.1978, c.14 (C. 52:27D-178 et seq.), a municipality under the supervision of the Local Finance Board pursuant to the provisions of the “Local Government Supervision Act (1947),” P.L.1947, c.151 (C. 52:27BB-1 et seq.), a municipality that has issued qualified bonds pursuant to the provisions of the “Municipal Qualified Bond Act,” P.L.1976, c.38 (C. 40A:3-1 et seq.) or a municipality identified by the director to be facing serious fiscal distress.
L.2001,c.266,s.1.