New Jersey § 45:23-9
Full text of New Jersey New Jersey Statutes § 45:23-9, with citation guidance and answers to common questions.
§ 45:23-9.
If the trading stamp company defaults in the redemption of its stamps issued by retailers
in this State when they are duly presented for redemption by the rightful holders,
all rightful holders of trading stamps of such company, including retailers in possession
of such stamps for issuance to customers, shall be entitled to make claim against
such bond. Any such holder may, within 3 months after such default, file a complaint with the
Secretary of State, who shall forthwith make an administrative determination whether
there has been a default. If said secretary determines that there has been a default, he shall give notice
of such determination to the company and, if such default is not corrected within
10 days, he shall publish notice of such default in 3 consecutive publications of
one or more newspapers having general circulation throughout this State and therein
require that proof of all claims for redemption of the trading stamps of such company
be filed with him, together with the trading stamps upon which the claim is based,
within 3 months after the date of the first such publication. The Secretary of State shall determine the validity of all claims so filed promptly
after the expiration of such period. Thereupon the secretary shall be paid by the surety such amount, not exceeding the
principal sum of the bond, as shall be necessary to satisfy all valid claims so filed. The secretary shall promptly thereafter make an equitable distribution of the proceeds
of the bond to such claimants and shall destroy the trading stamps so surrendered. The costs and other charges incurred by the Secretary of State in performing the duties
set forth in this section shall constitute a proper charge against the trading stamp
company which has defaulted, or, in the event of the trading stamp company's failure
to pay, against the bond filed by that company, and shall constitute a prior claim
against such company or such bond, except that in no event shall the surety be liable
for such charge and all other valid claims as an aggregate in excess of the principal
sum of the bond.
Frequently Asked Questions About New Jersey § 45:23-9
What does New Jersey Statutes § 45:23-9 cover?
Section 45:23-9 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 § 45:23-9?
A common citation format is "New Jersey Statutes § 45:23-9" (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 § 45:23-9 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.