New Jersey § 48:3-76
Full text of New Jersey New Jersey Statutes § 48:3-76, with citation guidance and answers to common questions.
§ 48:3-76.
a. For purposes of this act, and the Uniform Commercial Code--Secured Transactions, N.J.S.12A:9-101 et seq. , bondable transition property, as defined in N.J.S. 12A:9-102a (9) 12A:9-102 (a) (8.1) , shall constitute an account. For purposes of this act, and the Uniform Commercial Code--Secured Transactions, N.J.S.12A:9-101 et seq. , bondable transition property shall be in existence whether or not the revenues or
proceeds in respect thereof have accrued, in accordance with subsection c. of section
22 of this act. The validity, perfection or priority of any security interest in bondable transition
property shall not be defeated or adversely affected by changes to the bondable stranded
costs rate order or to the transition bond charges payable by any customer. Any description of bondable transition property in a security agreement or other
agreement or a financing statement shall be sufficient if it refers to the bondable
stranded costs rate order establishing the bondable transition property. b. In addition to the other rights and remedies provided or authorized by this act,
and by the Uniform Commercial Code--Secured Transactions, N.J.S.12A:9-101 et seq. , when a debtor is in default under a security agreement and the collateral is bondable
transition property, then upon application by the secured party, the board or any
court of competent jurisdiction shall order the sequestration and payment to the secured
party of all collections and other proceeds of such bondable transition property up
to the value of the property. In the event of any conflicts, priority among pledgees, transferees or secured parties
shall be determined under N.J. S.12A:9-101 et seq. The secured party shall account to the debtor for any surplus and, unless otherwise
agreed, the debtor shall be liable for any deficiency.
Frequently Asked Questions About New Jersey § 48:3-76
What does New Jersey Statutes § 48:3-76 cover?
Section 48:3-76 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 § 48:3-76?
A common citation format is "New Jersey Statutes § 48:3-76" (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 § 48:3-76 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.