New Jersey Statutes 2A:19-47. Removal of assignee and transfer of estate to receiver
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Terms Used In New Jersey Statutes 2A:19-47
- Assignee: means an assignee under a general assignment, including an assignee appointed under chapter 20 of this title. See New Jersey Statutes 2A:19-1
- 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.
- Court: means the Superior Court. See New Jersey Statutes 2A:19-1
- general assignment: includes an assignment by a debtor made under section 2A:20-6 of this title. See New Jersey Statutes 2A:19-1
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
2A:19-47. In case a corporation shall, at any time after the making of a general assignment, be adjudged insolvent and a receiver thereof be appointed by the Superior Court, the said court may, whenever it may deem it to the interest of the stockholders or creditors, remove the assignee and direct and compel him to transfer and convey the trust estate in his hands to the receiver to be administered under the direction of said court. The assignee shall thereupon present his accounts to the Superior Court for settlement and allowance.
L.1951 (1st SS), c.344; amended 1991,c.91,s.73.