New Jersey Statutes 39:3-40.4. Sale, transfer of motor vehicle subject to registration restrictions
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Terms Used In New Jersey Statutes 39:3-40.4
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
5. A motor vehicle subject to the registration restrictions set forth in sections 2 and 3 of P.L.1995, c.286 (C. 39:3-40.1 and C. 39:3-40.2) may not be sold or its ownership transferred; and the Division of Motor Vehicles shall not issue a certificate of registration for that vehicle; during the period in which those restrictions remain in effect unless that motor vehicle is sold or transferred for a fair market value.
L.1995,c.286,s.5.