New Jersey § 52:27-45
Full text of New Jersey New Jersey Statutes § 52:27-45, with citation guidance and answers to common questions.
§ 52:27-45.
It shall be the duty of any board created and established pursuant to this act and
any such ordinance or resolution, to effect, manage and control the liquidation of
the assets pledged to the special fund or funds pursuant to such ordinance or resolution
in a speedy, efficient and economical manner. Any such board is hereby authorized to compromise, adjust or otherwise settle any
certificates of tax sale, or tax and assessment title liens, or other receivables
included in such assets, and may, in its discretion for and in the name of such municipality,
foreclose certificates of tax sale or tax and assessment title liens in the manner
provided by law for the foreclosure of such liens by the municipality and shall liquidate
such properties and assets pledged to said fund or funds by sale, exchange, lease
or other disposition thereof, but this act, or any action taken pursuant thereto,
shall not be deemed to relieve the municipality from liability on any contract with
respect to such foreclosures existing at the time of adoption of such ordinance or
resolution. The proceeds of such liquidation shall be paid into such special fund or funds and
shall be withdrawn therefrom solely for the purpose of paying the compensation and
expenses of the board and paying or otherwise discharging in accordance with such
ordinance or resolution the principal of and interest on the warrants payable therefrom
until all such warrants and the interest thereon have been paid, redeemed or otherwise
satisfied. Any balance remaining in said fund or funds after the expenditures for the purposes
above specified may be expended as is provided in the ordinance or resolution authorizing
the issuance of any such warrants. If any warrants remain outstanding and unpaid after all of the properties and assets
pledged to said fund or funds have been liquidated in the manner hereinabove provided,
such warrants shall be void and of no force or effect, and shall be surrendered to
the municipality upon demand, for cancellation.
Frequently Asked Questions About New Jersey § 52:27-45
What does New Jersey Statutes § 52:27-45 cover?
Section 52:27-45 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 § 52:27-45?
A common citation format is "New Jersey Statutes § 52:27-45" (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 § 52:27-45 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.