New Jersey § 34:1b-332
Full text of New Jersey New Jersey Statutes § 34:1b-332, with citation guidance and answers to common questions.
§ 34:1b-332.
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.
Frequently Asked Questions About New Jersey § 34:1b-332
What does New Jersey Statutes § 34:1b-332 cover?
Section 34:1b-332 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 § 34:1b-332?
A common citation format is "New Jersey Statutes § 34:1b-332" (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 § 34:1b-332 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.