N.J.S.A. 17:9-46 — Distribution of proceeds of liquidation of defaulting depository

17:9-46. Distribution of proceeds of liquidation of defaulting depository Upon payment to a governmental unit, the commissioner shall be subrogated to all of such governmental unit's right, title and interest against the defaulting depository. All sums received from any distribution of any liquidation of the defaulting depository shall be paid to the affected governmental units to the extent of any unpaid net deposit liability and the balance shall be paid to the public depositories against which assessments were made, in proportion to such assessments. If the commissioner incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the defaulting depository. L.1970, c. 236, s. 6, eff. Oct. 27, 1970.

This is the verbatim text of N.J.S.A. 17:9-46, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.