New Jersey § 17:3-3

§ 17:3-3.

The words “ receiver, ” “ liquidator ” and “ official, ” as used in this section and section 17:3-2 of this Title, include any person or group of persons, who under appointment, order,

decree or judgment of a court of competent jurisdiction, or by virtue of any statute

of this State, shall be authorized and empowered to take custody and control of the

assets of any corporation organized under the laws of this State and subject to the

supervision and control of the department of banking and insurance, and to dispose

of the same by sale or otherwise for the benefit of creditors and stockholders of

any such corporation. The term “ corporation ” as used in this section and section 17:3-2 of this Title shall not include a bank or savings bank as defined in section one

of the Banking Act of 1948 (P.L.1948, c. 67, as amended by P.L.1949, c. 44, § 1). 1 Section 17:3-2 of this Title shall be deemed to be remedial in its purpose and to be enacted to

enable a liquidating officer to use such discretion as will enable him to dispose

of mortgages and mortgage securities to better advantage than they can be disposed

of under existing conditions. 1

N.J.S.A. § 17:9A-1.