New Jersey Statutes 55:19-100. Municipal recourse with respect to lien
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Terms Used In New Jersey Statutes 55:19-100
- Lien: A claim against real or personal property in satisfaction of a debt.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
23. With respect to any lien placed against any real property pursuant to the provisions of section 1 or section 3 of P.L.1942, c.112 (C. 40:48-2.3 or C. 40:48-2.5) or section 1 of P.L.1989, c.91 (C. 40:48-2.3a) or any receiver’s lien pursuant to P.L.2003, c.295 (C. 2A:42-114 et al.), the municipality shall have recourse with respect to the lien against any asset of the owner of the property if an individual, against any asset of any partner if a partnership, and against any asset of any owner of a 10% interest or greater if the owner is any other business organization or entity recognized pursuant to law.
L.2003,c.210,s.23; amended 2005, c.118, s.8.