New Jersey § 48:3-73

§ 48:3-73.

Any successor to an electric public utility, whether pursuant to any bankruptcy, reorganization

or other insolvency proceedings or pursuant to any merger, consolidation or sale or

transfer of assets of the electric public utility, by operation of law, as a result

of electric power industry restructuring or otherwise, shall perform and satisfy all

obligations and be entitled to the same rights of its predecessor electric public

utility under this act or the bondable stranded costs rate order or any contract entered

into pursuant to this act in the same manner and to the same extent as such predecessor

electric public utility, including, but not limited to, charging, collecting, receiving

and paying to the person entitled thereto the revenues in respect of the transition

bond charges relating to the bondable transition property. Bondable transition property, and any payments in respect to bondable transition

property, including, without limitation, transition bond charges, shall not be subject

to any setoffs, counterclaims, surcharges or defenses by the electric public utility,

any customer, or any other person, in connection with the bankruptcy, insolvency or

default of the electric public utility or otherwise.