2A:18-78. Disposal of property, options
7.Property that has been conclusively presumed to be abandoned may be disposed of in any of the following ways:
a.The landlord may sell the property at a public or private sale;
b.The landlord may destroy or otherwise dispose of the property if the landlord reasonably determines that the value of the property is so low that the cost of storage and conducting a public sale would probably exceed the amount that would be realized from the sale; or
c.The landlord may sell certain items and destroy or otherwise dispose of the remaining property, in accordance with subsections a. and b. of this section.
A public or private sale authorized by this section shall be conducted in accordance with the provisions of 12A:9-601 et seq. of the "Uniform Commercial Code".
L.1999, c.340, s.7; amended 2001, c.117, s.23.
2A:18-79. Immunity
9.Nothing in P.L.1999, c.340 (C.2A:18-72 et al.) shall diminish the right of a landlord of a nonresidential property to use distraint when authorized by law.
L.1999,c.340,s.9.
2A:18-80. Deductions from sale proceeds
11.A landlord may deduct from the proceeds of any sale the reasonable costs of notice, storage and sale and any unpaid rent and charges not covered by a security deposit. After deducting these amounts, the landlord shall remit to the tenant the remaining proceeds, if any, together with an itemized accounting. If the tenant, after due diligence, cannot be found the remaining proceeds shall be deposited into the Superior Court and, if not claimed within 10 years, shall escheat to the State.
L.1999,c.340,s.11.
