N.J.S.A. 5:12-130.4 — Assumption of outstanding debts

5:12-130.4. Assumption of outstanding debts Assumption of Outstanding Debts. As an incident of its prior approval pursuant to section 32c. of this amendatory and supplementary act of the sale, assignment, conveyance or other disposition in bulk of all property of the former licensee relating to the casino and the approved hotel, the commission may, in its discretion, require that the purchaser thereof assume in a form and substance acceptable to the commission all of the outstanding debts of the former licensee that arose from or were based upon the operation of either or both the casino or the approved hotel. L. 1978, c. 7, s. 34; amended 1987,c.410,s.17.

This is the verbatim text of N.J.S.A. 5:12-130.4, 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.