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New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Chapter 5: Separate compromise with creditors by individual partner
Section: 42:5-3: Discharge of judgment debt by filing acknowledged memorandum
If the individual liability of a partner is upon a judgment of any court of record in this state, the clerk of such court shall, upon the filing with him of the note or memorandum mentioned in section 42:5-2 of this title, acknowledged by the parties making it as satisfactions of judgments are required to be acknowledged, discharge such judgment of record in so far as the compromising partner is concerned, and the ratable portion of the partner so released shall be credited as a payment on account of the judgment.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:5-3 (if available):
Court decisions that cite this statute:
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