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Section 42:6-7 - Assessments on members to pay claims

NJ Rev Stat § 42:6-7 (2019) (N/A)
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42:6-7. Assessments on members to pay claims

If it shall appear by the report filed by the receivers or trustees that the assets of the association are insufficient to pay its debts and the expenses attending the winding up of the same, the court may assess against each member thereof a sum to be paid by him to the receivers or trustees in liquidation of such indebtedness. In making the assessment, the court may inquire into the solvency or ability of the members to pay the same, in order to assess sufficient moneys to pay all claims. If a sufficient amount to pay all claims is not assessed at one time, the court may, from time to time, make additional assessments, until an amount sufficient to satisfy all claims is obtained.

Amended by L.1953, c. 40, p. 768, s. 41, eff. March 19, 1953.

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