New Jersey Statutes 40A:12A-79. Land bank entity to act on behalf of municipality
Terms Used In New Jersey Statutes 40A:12A-79
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bequest: Property gifted by will.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
a. acquire properties on its behalf through contribution, gift, grant, bequest, purchase or otherwise, whether or not the property is located in an area designated as a redevelopment area or an area in need of rehabilitation; and
b. act as its agent, or in place of its municipal officer, with respect to acquisition of property, including but not limited to purchase of tax and other liens, foreclosure of tax and other liens, and individual abandoned property takings pursuant to paragraph (2) of subsection c. of section 37 of the “New Jersey Urban Redevelopment Act,” P.L.1996, c.62 (C. 55:19-56) on behalf of the municipality and to acquire and hold in trust such properties on behalf of the municipality; provided, however, that nothing in this section shall authorize the use of eminent domain beyond that use already permitted by law.
L.2019, c.159, s.6.