2A:19-35. Directions as to dividends
The court may, in its discretion, upon application of the assignee, or of any person in interest, make directions with respect to any or all dividends, including the time when the same shall be made and the amount thereof.
2A:19-36. Death or incapacity of assignee; successor
In case the assignee shall die or become incapable of executing his trust the court shall, upon application of any person in interest, appoint some suitable person or persons in his stead.
L.1951 (1st SS), c.344.
2A:19-37. Removal for maladministration, neglect, or other cause; successor
In case any assignee shall embezzle, waste or misapply any part of the trust estate in his hands or under his control, or shall neglect or refuse to execute his trust, or to perform and obey any order or judgment of the court in respect of his trust, or shall remove from the state, or for a reasonable or just cause manifested to the court shall desire to be relieved from his office, then the court may remove the assignee and appoint a suitable person or persons in his stead.
2A:19-38. Estate vests in new assignee; accounting and delivery by predecessor
Upon the appointment of any new assignee as aforesaid, the entire trust estate, in whatsoever form the same then may be, shall forthwith vest in him. The court may compel the removed assignee, or the personal representative of the former assignee, to account in said court for his trust, to deliver possession of the estate in his hands to his successor, to pay over to such successor any balance found due on the accounting, and to execute such conveyance of the trust estate to his successor as the court may direct.
2A:19-39. Powers and duties of new assignee
Every new assignee shall have all the powers and rights and perform all the duties not already performed, conferred and imposed by the assignment or by law upon the original assignee.
L.1951 (1st SS), c.344.
2A:19-40. Bond of new assignee
Every new assignee shall enter into bond for the faithful performance of his trust, in such amount as the court shall fix. The bond shall run to the superior court.
2A:19-41. Final and intermediate accounts
As soon as may be after the determination of all claims, the assignee shall render, on oath, a final account to the court. The court may, in its discretion, upon the application of the assignee or any creditor, or the surety on the assignee's bond or other person in interest, direct the assignee to render an intermediate or final account.
The settlement and judgment of the court shall be conclusive on all parties except for assets which may afterward come to hand, or except as relief may be had in a judgment in any action.
2A:19-42. Disposition of unclaimed money
2A:19-42. Disposition of unclaimed money.
When an assignee states his final account, and there remains a balance, dividend sum or sum of money to be paid to a person and the person or his guardian, if he be under any disability, the balance, dividend sum or sum of money is intangible property remaining unclaimed in the possession of an assignee. After the period of time set forth in R.S.46:30B-37.1 has elapsed that property shall be presumed abandoned and handled in accordance with the "Uniform Unclaimed Property Act (1981)," R.S.46:30B-1 et seq.
L.1951 (1st SS), c.344; amended 1989,c.58,s.2.
2A:19-43. Compensation of assignee
Such commissions shall be made to the assignee or to the personal representatives of a deceased assignee, or to a person who has been removed by the court from his office as assignee for any cause other than his misconduct, on any intermediate or final account, as the court shall consider just, but not in excess of 20% on all sums received by the said assignee, except that this limitation shall be inapplicable where the amount of the estate is less than $500.00.
L.1951 (1st SS), c.344; amended by L.1963, c. 137, s. 1, eff. July 24, 1963.
2A:19-44. Any corporation may assign
Any corporation organized under the laws of this state may make a general assignment under the provisions of this chapter.
2A:19-45. Corporation deemed resident of what county
2A:19-45. A corporation making a general assignment shall be deemed, for the purposes of this chapter, a resident of the county in which its principal office is located.
L.1951 (1st SS), c.344; amended 1991,c.91,s.72.
2A:19-46. Assignee as party to receivership suit
The assignee may be made a party to any action in the superior court to have the corporation adjudged insolvent and a receiver thereof appointed, and may be enjoined, restrained and removed in such action and subjected to all orders and judgments therein. The said court may, if it sees fit, appoint the assignee of the corporation receiver thereof.
2A:19-47. Removal of assignee and transfer of estate to receiver
2A:19-47. In case a corporation shall, at any time after the making of a general assignment, be adjudged insolvent and a receiver thereof be appointed by the Superior Court, the said court may, whenever it may deem it to the interest of the stockholders or creditors, remove the assignee and direct and compel him to transfer and convey the trust estate in his hands to the receiver to be administered under the direction of said court. The assignee shall thereupon present his accounts to the Superior Court for settlement and allowance.
L.1951 (1st SS), c.344; amended 1991,c.91,s.73.
2A:19-48. Inclusion of individual estate
When a general assignment is made by partners in business, it may include only the partnership property or it may include also the several estates of the partners; or any of the partners may also make a separate general assignment of his individual estate.
2A:19-49. Partnership and individual estates to be kept separate
In all cases where a general assignment includes both a partnership and an individual estate, the same shall be kept separate in all proceedings under this chapter, and all notices and accounts in relation thereto shall plainly distinguish between the different estates, and all proceedings, orders and judgments shall recognize the rights and equities of the different classes of creditors, to the end that the property assigned may be equitably applied to the payment of the claims of such creditors.
2A:19-50. One partner to reside in State
2A:19-50. In order to bring a general assignment of partners in business within the operation of this chapter, it shall be sufficient if any one of them resides in this State.
L.1951 (1st SS), c.344; amended 1991,c.91,s.74.
