N.J.S.A. 52:27-2 — Action where municipality defaults; judgment; powers and duties of commission

52:27-2. Action where municipality defaults; judgment; powers and duties of commission Whenever it shall be made to appear to the Superior Court in an action brought by or on behalf of the holder of any notes or bonds of any municipality of this State against the municipality, that the municipality has defaulted for over sixty days in the payment of the principal or interest of any of its outstanding notes or bonds held by the plaintiff, the court may proceed in the action in a summary manner or otherwise. If it shall be established to the satisfaction of the court that the municipality is so in default, it may enter judgment to that effect. Upon the entry of the judgment, the commission shall have and exercise with respect to such municipality the powers and duties prescribed by this chapter. Amended by L.1953, c. 49, p. 864, s. 27.

This is the verbatim text of N.J.S.A. 52:27-2, 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.