Rutgers Law

New Jersey Statutes, Title: 34, LABOR AND WORKMEN'S COMPENSATION

    Chapter 1b:

      Section: 34:1b-332: Assignment of rights of incentive award agreement.

          64. a. A developer who has entered into an incentive award agreement pursuant to section 60 of P.L.2020, c.156 (C.34:1B-328) may, upon notice to and written consent of the authority and State Treasurer, pledge, assign, transfer, or sell any or all of its right, title, and interest in and to the incentive award agreement and in the incentive awards payable under the incentive award agreement, and the right to receive the incentive awards, along with the rights and remedies provided to the developer under the incentive award agreement. Any assignment shall be an absolute assignment for all purposes, including the federal bankruptcy code.

b. Any pledge of an incentive award made by the developer shall be valid and binding from the time the pledge is made and filed in the records of the authority. The incentive award pledged and thereafter received by the developer shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the developer irrespective of whether the parties have notice thereof. As a condition of any incentive grant, the grantee, assignee, pledgee or subsequent holder of the incentive grant shall immediately file notice of the same with the clerk of the county in which the project is located.

c. The authority shall publish on its Internet website the following information concerning each pledge, assignment, transfer, or sale approved by the authority pursuant to this section:

(1) the name of the person or entity offering the pledge, assignment, transfer, or sale of a right, title, or interest in an incentive grant agreement or tax credit agreement;

(2) the name of the person or entity receiving the pledge, assignment, transfer, or sale of a right, title, or interest in the incentive grant agreement or tax credit agreement;

(3) the value of the right, title, or interest in the incentive grant agreement or tax credit agreement; and

(4) the consideration received by the person or entity offering the pledge, assignment, transfer, or sale of the right, title, or interest in the incentive grant agreement or tax credit agreement.

L.2020, c.156, s.64.

This section added to the Rutgers Database: 2021-03-17 11:13:36.

Older versions of 34:1b-332 (if available):

Court decisions that cite this statute: CLICK HERE.