N.J. Stat. § 2A:42-125

Current through L. 2024, c. 62.

Section 2A:42-125 - Submission of plan by receiver

Within 60 days following the order appointing a receiver pursuant to subsection a. of section 10 of P.L. 2003, c. 295(C.2A:42-123), the receiver shall submit a plan for the operation and improvement of the building to the court and provide a copy of the plan to the owner, all parties in interest which participated in the hearing and the clerk of the municipality in which the building is situated. The plan shall include an enumeration of the insurance coverage to be purchased by the receiver, including surety bonds in an amount sufficient to guarantee compliance with the terms and conditions of the receivership and in accordance with rules and regulations adopted by the commissioner pursuant to section 31 of P.L. 2003, c. 295(C.2A:42-142).

The court shall approve or disapprove the plan with or without modifications.

The receiver's plan, to the extent reasonably feasible, shall take into account a recent appraisal of the property and income and expense statements for at least the preceding two years, and shall include:

a. an estimate of the cost of the labor, materials and any other costs that are required to bring the property up to applicable codes and standards and abate any nuisances that gave rise to the appointment of the receiver pursuant to section 10 of P.L. 2003, c. 295(C.2A:42-123);

b. the estimated income and expenses of the building and property after the completion of the repairs and improvements;

c. the cost of paying taxes and other municipal charges; and

d. the terms, conditions and availability of any financing that is necessary in order to allow for the timely completion of the work outlined in subsection a. of this section.

The owner shall, to the extent such information is available, expeditiously provide the receiver with such income and expense statements. If the receiver's plan was submitted at the time of the hearing, the receiver may amend the plan subsequent to that hearing, and submit a revised plan to the court pursuant to this section.

The commissioner may be called upon by the court in any proceeding involving the receivership.

N.J.S. § 2A:42-125

Added by L. 2003, c. 295, s. 12, eff. 7/12/2004.