New Jersey Statutes
§ 17:9-46 — Distribution of proceeds of liquidation of defaulting depository
New Jersey § 17:9-46
JurisdictionNew Jersey
Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
This text of New Jersey § 17:9-46 (Distribution of proceeds of liquidation of defaulting depository) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.J. Stat. Ann. § 17:9-46 (2026).
Text
Upon payment to a governmental unit, the commissioner shall be subrogated to all of such governmental unit's right, title and interest against the defaulting depository. All sums received from any distribution of any liquidation of the defaulting depository shall be paid to the affected governmental units to the extent of any unpaid net deposit liability and the balance shall be paid to the public depositories against which assessments were made, in proportion to such assessments. If the commissioner incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the defaulting depository. L.1970, c. 236, s. 6, eff. Oct. 27, 1970.
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Nearby Sections
15
§ 17:9-41
Definitions.§ 17:9-44 Amount of collateral required as security; exceptions.
§ 17:9-44 Amount of collateral required as security; exceptions.§ 17:9-47
Operative date.§ 17:9-48
Short title§ 17:9A-1
Definitions§ 17:9A-100
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Directors; stock ownership, oathCite This Page — Counsel Stack
Bluebook (online)
New Jersey § 17:9-46, Counsel Stack Legal Research, https://law.counselstack.com/statute/nj/17/17%3A9-46.