New Jersey Statutes 55:19-97. Distribution of proceeds
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Terms Used In New Jersey Statutes 55:19-97
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
20. The proceeds paid pursuant to subsection c. of section 19 of P.L.2003, c.210 (C. 55:19-96) shall be distributed in the following order of priority:
a. The costs and expenses of sale;
b. Other governmental liens;
c. Repayment of principal and interest on any borrowing or indebtedness incurred by the municipality and granted priority lien status pursuant to subsection a. of section 21 of P.L.2003, c.210 (C. 55:19-98);
d. A reasonable development fee to the municipality consistent with the standards for development fees established for rehabilitation programs by the New Jersey Department of Community Affairs or the New Jersey Housing and Mortgage Finance Agency;
e. Other valid liens and security interests, in accordance with their priority; and
f. The owner.
L.2003,c.210,s.20.