New Jersey § 52:27-33

§ 52:27-33.

Whenever the commission shall function in any municipality and so long as it shall

continue so to do, no action or proceeding of any kind, either direct or ancillary,

including a proceeding in lieu of prerogative writ, shall be brought against such

municipality or any public officers for the assessment, levy or collection of taxes

by or for such municipality and any and all actions or proceedings therefor shall

be and they hereby are stayed; except that first, the Superior Court, after notice

to the commission, may authorize one or more creditors of such municipality to bring

and maintain an action or proceeding therefor in the Superior Court, which shall be

brought for the benefit of themselves and all other creditors of such municipality

and in which all other creditors of such municipality shall have the right to intervene

and assert their claim and in which all other creditors of such municipality may,

and the commission shall, be made parties in such manner and upon such notice as the

court shall prescribe; and except that, second, the commission may bring and maintain

an action or actions or a proceeding in lieu of prerogative writ or any other appropriate

proceeding or proceedings for the assessment, levy or collection of taxes by such

municipality for the payment of principal or interest of the indebtedness of the municipality

found to be outstanding as provided in section 52:27-14 of this Title. Without limiting its power otherwise to direct by a proceeding in lieu of prerogative

writ the assessment, levy or collection of taxes, the Superior Court, in the action

or proceeding aforesaid may, to the extent which it shall deem just and equitable,

afford to the holders collectively of any due and unpaid claims against a municipality

any remedy which might be afforded under any other law to any individual creditor

in any proceeding in lieu of prerogative writ for the assessment, levy or collection

of taxes, to the same extent as if there had been an entry of judgment in their favor,

issuance of execution and return thereof unsatisfied, service thereof upon public

officials and performance of any and all other conditions precedent to the affording

of such relief by a proceeding in lieu of prerogative writ under such other law;

provided, that the court be first satisfied from proof submitted by affidavit or otherwise

that the claims for the enforcement of which such remedy is sought are claims upon

which a judgment could be obtained.