New Jersey § 52:18a-65

§ 52:18a-65.

Upon the exercise by the Authority of the power of eminent domain pursuant to paragraph

h of section ten of this act, 1 the compensation to be paid thereunder shall be ascertained and paid in the manner

provided in chapter one of Title 20 of the Revised Statutes 2 in so far as the provisions thereof are applicable and not inconsistent with the

provisions contained in this act. Upon the filing of the complaint in the action for condemnation or at any time thereafter

the Authority may file with the Clerk of the Superior Court a declaration of taking,

signed by the Authority, declaring that possession of one or more of the tracts or

parcels of land or property described in the complaint is thereby being taken by and

for the use of the Authority. The said declaration of taking shall be sufficient if it sets forth (1) a description

of each tract or parcel of land or property to be so taken, sufficient for the identification

thereof, to which there may or may not be attached a plan or map thereof; (2) a statement

of the estate or interest in the said land or property being taken; (3) a statement

of the sum of money estimated by the Authority by resolution to be just compensation

for the taking of the estate or interest in each tract or parcel of land or property

described in said declaration; and (4) that, in compliance with the provisions of

this act, the Authority has established and is maintaining a trust fund as hereinafter

provided. Upon the filing of the said declaration, the Authority shall, with leave of court,

deposit with the clerk of the court the amount of the estimated compensation stated

in said declaration. In addition to the said deposits with the clerk the Authority at all times shall

maintain a special trust fund on deposit with a bank or trust company doing business

in this State in an amount at least equal to twice the aggregate amount deposited

with the Clerk of the Superior Court as estimated compensation for all property described

in declarations of taking with respect to which the compensation has not been finally

determined and paid to the persons entitled thereto or into court. The Authority shall be entitled to withdraw from said trust fund from time to time

so much as may then be in excess of twice such aggregate amount. Said trust fund shall consist of cash or securities readily convertible into cash

constituting legal investments for trust funds under the laws of this State. Said trust fund shall be held solely to secure and may be applied to the payment

of just compensation for the land or other property described in such declaration

of taking. Upon the filing of the said declaration as aforesaid and the deposit with the Clerk

of the Superior Court of the amount of the estimated compensation stated in said declaration,

the Authority, without other process or proceeding, shall be entitled to the exclusive

possession and use of each tract of land or property described in said declaration

and may forthwith enter into and take possession of said land or property, it being

the intent of this provision that the action for fixing compensation or any other

proceeding relating to the taking of said land or interest therein or other property

shall not delay the taking of possession thereof and the use thereof by the Authority

for the purpose or purposes for which the Authority is authorized by law to acquire

or condemn such land or other property or interest therein. The Authority shall cause notice of the filing of said declaration and the making

of said deposit to be served, as the court shall prescribe, upon each party to the

action for condemnation, but not until after the filing of the declaration and the

making of the deposit. Upon the application of any party in interest and after notice to other parties

in interest, including the Authority, the court may direct that the money deposited

with the clerk of the court or any part thereof be paid forthwith to the person or

persons entitled thereto for or on account of the just compensation to be adjudged

to be due him in the action for condemnation; provided, that each such person shall

have filed with the clerk of the court a consent in writing that, in the event the

amount adjudged to be due him in the condemnation action shall be less than the amount

deposited, the court, after notice as herein provided and hearing, may determine his

liability, if any, for the return of such difference or any part thereof and enter

judgment therefor. If the amount adjudged to be due him shall exceed the amount so deposited, he shall

be entitled to recover from the Authority the excess with interest at the rate of

six per centum (6%) per annum thereon from the date of making the deposit. If the amount adjudged to be due him shall be less than the amount so deposited,

the clerk of the court shall return the difference between such amounts unless the

amount of the deposit or any part thereof shall have theretofore been distributed,

in which event the court, after such notice as it shall prescribe and an opportunity

to be heard, shall enter judgment in favor of the Authority for such difference against

the party or parties liable for the return thereof. 1

N.J.S.A. § 52:18A-59, par. h. 2

N.J.S.A. §§ 20:1-1 to 20:1-36.