New Jersey § 52:27-2 Action where municipality defaults;  judgment;  powers and duties  of commission

New Jersey Statutes

§ 52:27-2 — Action where municipality defaults; judgment; powers and duties of commission

New Jersey § 52:27-2

Title 52STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

This text of New Jersey § 52:27-2 (Action where municipality defaults; judgment; powers and duties of commission) 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. § 52:27-2 (2026).

Text

Whenever it shall be made to appear to the Superior Court in an action brought by or on behalf of the holder of any notes or bonds of any municipality of this State against the municipality, that the municipality has defaulted for over sixty days in the payment of the principal or interest of any of its outstanding notes or bonds held by the plaintiff, the court may proceed in the action in a summary manner or otherwise. If it shall be established to the satisfaction of the court that the municipality is so in default, it may enter judgment to that effect. Upon the entry of the judgment, the commission shall have and exercise with respect to such municipality the powers and duties prescribed by this chapter. Amended by L.1953, c. 49, p. 864, s. 27.

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Whenever it shall be made to appear to the Superior Court in an action brought by or on behalf of the holder of any notes or bonds of any municipality of this State against the municipality, that the municipality has defaulted for over sixty days in the payment of the principal or interest of any of its outstanding notes or bonds held by the plaintiff, the court may proceed in the action in a summary manner or otherwise. If it shall be established to the satisfaction of the court that the municipality is so in default, it may enter judgment to that effect. Upon the entry of the judgment, the commission shall have and exercise with respect to such municipality the powers and duties prescribed by this chapter. Amended by L.1953, c. 49, p. 864, s. 27.