N.J.S.A. 54:44-4 — Release of lien; reassessment of tax or penalty; payment; satisfaction of judgment; joint and several liability

54:44-4. Release of lien; reassessment of tax or penalty; payment; satisfaction of judgment; joint and several liability The Director of the Division of Taxation in the Department of the Treasury, upon application made to him may release any property from the lien of any certificate, judgment or levy procured by him provided payment be made to him or, a deposit be made with him of such bonds or other security as he shall deem adequate to secure the payment of any debt evidenced by any such certificate, judgment, or levy, the lien of which is sought to be released. The director when satisfied that any assessment of tax or of any penalty for which a certificate or judgment has been filed is not presently collectible, may, upon application made to him, reassess the tax or penalty in an amount deemed equitable and expedient and, after payment of the tax and penalty as reassessed, release any property from the lien of any certificate, or judgment for the amount of said tax and penalty obtained under the provisions of section 54:44-3 of this Title or cancel said judgment. Each such release or warrant of satisfaction of judgment shall be given under his seal, and may be recorded in any office in which conveyances of real estate may be recorded. The director upon application made to him may determine and fix such an amount as he shall deem to be proper for the satisfaction and discharge by one of several judgment debtors of his liability upon any judgment or certificate of debt heretofore or hereafter entered, in an action or otherwise, against persons jointly and severally liable, for any tax levied and unpaid pursuant to the provisions of subtitle eight of Title 54 of the Revised Statutes. Upon the payment by any such person of the amount so fixed and determined, the judgment debtor making the payment shall be discharged from any and all liability upon the said judgment and the director shall execute to the said judgment debtor a satisfaction and warrant to discharge said judgment as to such judgment debtor. The amount of any such payment shall be credited upon the judgment, but, except as to such credit, the payment by one of several judgment debtors and the satisfaction and discharge of the judgment as to him shall not operate to release or discharge the other judgment debtors from their joint and several liability for the amount remaining unpaid upon the judgment or certificate of debt. Amended by L.1938, c. 319, p. 805, s. 12; L.1942, c. 171, p. 530, s. 6; L.1949, c. 95, p. 415, s. 4.

This is the verbatim text of N.J.S.A. 54:44-4, 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.