New Jersey Statutes 54:14-5. Action at law to recover tax; preferred debt in case of insolvency
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Terms Used In New Jersey Statutes 54:14-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
A tax assessed and imposed by chapters 12 to 15 of this title (s. 54:12-1 et seq.), shall be a debt due from the corporation to the state for which an action at law may be maintained after the same shall have been in arrears for one month, and shall also be a preferred debt in case of insolvency.