New Jersey § 14a:14-2
Full text of New Jersey New Jersey Statutes § 14a:14-2, with citation guidance and answers to common questions.
§ 14a:14-2.
(1) A receivership action may be brought in the Superior Court by (a) a creditor whose claim is for a sum certain or for a sum which can by computation
be made certain; or (b) a shareholder or shareholders who individually or in combination own at least
ten per cent of the outstanding shares of any class of the corporation; or (c) the corporation, pursuant to resolution of its board. (2) The action shall be based upon at least one of the following grounds: (a) the corporation is insolvent; (b) the corporation has suspended its ordinary business for lack of funds; (c) the business of the corporation is being conducted at a great loss and greatly
prejudicial to the interests of its creditors or shareholders. (3) The court may proceed in the action in a summary manner or otherwise. It shall have power to appoint and remove one or more receivers of the corporation
from time to time, and to enjoin the corporation, its officers and agents, from exercising
any of its privileges and franchises, and from collecting or receiving any debts,
or paying out, selling, assigning or transferring any of its property, except to a
receiver, and except as the court may otherwise order. The court shall have such further powers as shall be appropriate for the fulfillment
of the purposes of this chapter. (4) Every receiver shall, before assuming his duties, execute and file a bond in the
office of the Clerk of the Superior Court, with such sureties and in such form as
the court shall approve.
Frequently Asked Questions About New Jersey § 14a:14-2
What does New Jersey Statutes § 14a:14-2 cover?
Section 14a:14-2 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 14a:14-2?
A common citation format is "New Jersey Statutes § 14a:14-2" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 14a:14-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.