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Section 52:27-37 - Approved plan binding on all creditors; substituted obligations

NJ Rev Stat § 52:27-37 (2019) (N/A)
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52:27-37. Approved plan binding on all creditors; substituted obligations

The plan of adjustment so authorized and approved shall forthwith and without any further action of any kind be binding upon all the creditors included in the plan, whether or not they appear in the proceeding. In so far as said plan provides for the substitution of any new bonds, notes or other obligations of the municipality in place of any outstanding bonds, notes or other obligations, or claims then outstanding, such substitution shall be effectual from and after such date as may be fixed in such order.

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Section 52:27-36 - Approval by Supreme Court justice of plan of adjustment or composition; findings
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Section 52:27-38 - Continuance of stay of proceedings against municipality; action by creditor to enforce claim restricted