New Jersey Statutes 42:4-2. Distribution of assets, action for
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Terms Used In New Jersey Statutes 42:4-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
When an action is brought in the Superior Court for the dissolution of a partnership, with a view to a distribution of assets amongst creditors and others entitled thereto, the court may proceed in the action in a summary manner or otherwise.
Amended by L.1953, c. 40, p. 765, s. 21, eff. March 19, 1953.