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New Jersey Statutes, Title: 15A, CORPORATIONS, NONPROFIT
Chapter 14:
Section: 15A:14-7: Powers of receiver; sale of property free of encumbrances
When property of a corporation for which a receiver has been appointed is, at the time of the appointment, subject to one or more encumbrances, the Superior Court, upon the application of the receiver, may authorize the receiver to sell the property at public or at private sale, clear of encumbrances, for a price and upon terms as the court may approve. A sale shall not be authorized nor made except upon prior notice to the holders of the encumbrances affecting the property, and unless the receiver demonstrates to the satisfaction of the court that the sale of the property may be reasonably expected to benefit general creditors of the corporation without adversely affecting the interests of the holders of the encumbrances. The proceeds of the sale shall be paid into court, there to remain until the further order of the court, subject to the same encumbrances which affected the property at the time of the sale.
L.1983, c. 127, s. 15A:14-7, eff. Oct. 1, 1983.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 15a:14-7 (if available):
Court decisions that cite this statute:
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