New Jersey Statutes 52:18A-78.24. Default on bonds or notes; trustee; appointment; powers and duties; jurisdiction and venue of suit, action or proceeding
Terms Used In New Jersey Statutes 52:18A-78.24
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trustee: A person or institution holding and administering property in trust.
- Venue: The geographical location in which a case is tried.
b. The trustee may, and upon written request of the holders of 25% in principal amount of the notes or bonds then outstanding shall, in his or its own name:
(1) By suit, action or proceeding enforce all rights of the noteholders or bondholders, to require the authority to carry out any other agreements with the holders of the notes or bonds and to perform its duties under this act;
(2) Bring suit upon the notes or bonds;
(3) By action or suit, require the authority to account as if it were the trustee of an express trust for the holders of the notes or bonds;
(4) By action or suit, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of the notes or bonds;
(5) Declare all notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of 25% of the principal amount of the notes or bonds then outstanding, to annul the declaration and its consequences.
c. The trustee shall in addition to the foregoing have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.
d. The Superior Court shall have jurisdiction of any suit, action or proceeding by the trustee on behalf of the noteholders or bondholders. The venue of any suit, action or proceeding shall be laid in the county in which the principal office of the authority is located.
e. Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days’ notice in writing to the authority.
L.1981, c. 120, s. 24, eff. April 16, 1981.