2A:29A-1. Money deposited or advanced for purchase of dwelling house as trust fund

2A:29A-1. Money deposited or advanced for purchase of dwelling house as trust fund
All moneys paid as a deposit or advance by a person who has contracted or agreed to purchase a dwelling house to be constructed, shall constitute trust funds for the purpose of carrying out the provisions of said contract or agreement. In any case in which more than 1 dwelling house is to be constructed as part of the development of a tract of land, said trust funds may be used in the development of said tracts of land. Any use of said moneys, other than for the purpose of carrying out the provisions of said contract or agreement, shall constitute an unlawful diversion of trust funds.

L.1962, c. 208, s. 1, eff. July 1, 1962.

2A:29A-2. Enforcement of trust; jurisdiction
Any trust arising under the provisions of this act shall be enforceable by a civil action in the Superior Court of New Jersey and that court shall have jurisdiction to make any appropriate order or judgment both pendente lite and final to fully effectuate the purposes of this act.

L.1962, c. 208, s. 2.

2A:29A-3. Insolvency or bankruptcy of person receiving money deposited or advanced
In the event of the insolvency or bankruptcy of the person receiving the said moneys, the claim of the person who paid the said moneys shall constitute a statutory trust with respect to any moneys so received and not previously expended in accordance with the terms of the contract or agreement.

L.1962, c. 208, s. 3.