New Jersey Statutes 48:23-8. Encumbering of assets
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Terms Used In New Jersey Statutes 48:23-8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The authority shall have no power to issue bonds, notes or other obligations, or to mortgage, pledge or otherwise encumber the assets of the authority or any of its income; and no part of the income or the assets of the authority shall inure to the benefit of any director, officer, employee or any other individual, except as may be provided as salary or reasonable compensation for services.
L.1968, c. 405, s. 8, eff. Jan. 13, 1969.