New Jersey § 34:15-120

§ 34:15-120.

a. Any person who recovers from the association under this act shall be deemed to

have assigned his rights to the association to the extent of that recovery. Every claimant seeking the protection of this act shall cooperate with the association

to the same extent as that person would have been required to cooperate with the insolvent

member. The association shall have no cause of action against the employee of the insolvent

member for any sums the association has paid out, except those causes of action which

the insolvent member would have had if the sums had been paid by the insolvent member. In the case of an insolvent member operating with assessment liability, payments

of claims by the association shall not operate to reduce the liability of the insolvent

member to the receiver, liquidator, or statutory successor for unpaid assessments. b. The receiver, liquidator, or statutory successor of an insolvent member shall be

bound by settlements of covered claims by the association or a similar organization

in another state. The court having jurisdiction shall grant those claims priority against the assets

of the insolvent member equal to that to which the claimant would have been entitled

in the absence of this act. The expense of the association or similar organization in handling claims shall

be accorded the same priority as the expenses of the liquidator. c. The association shall file periodically with the receiver or liquidator of the

insolvent member statements of the covered claims paid by the association and estimates

of anticipated claims on the association, which shall preserve the rights of the association

against the assets of the insolvent member.