State Codes and Statutes

Statutes > New-jersey > Title-14a > Section-14a-14 > 14a-14-15

14A:14-15.  Notice to creditors
    (1) The receiver shall, within 30 days following the date of his appointment, give notice requiring all creditors to present their claims in writing.  Such notice shall be published twice, once in each of two consecutive  weeks, in a newspaper of general circulation in the county in which the  registered office of the corporation is located and shall state that all  persons who are creditors of the corporation shall present written proof of  their claims, under oath, to the receiver at a place and on or before a date  named in the notice, which date shall not be less than 6 months after the date  of the first publication.  By order of the Superior Court, the time for giving  such notice to creditors and the time within which creditors shall be required  to file proofs of claim may be extended or limited, or the giving of such  notice to creditors may be entirely excused.

    (2) Any creditor who does not file his claim as provided in the notice given  pursuant to subsection 14A:14-15(1), and all those claiming through or under  him, shall be forever barred from suing on such claim or otherwise realizing  upon or enforcing it except, in the case of a creditor who shows good cause for  not having previously filed his claim, to such extent as the Superior Court may  allow

     (a) against the corporation to the extent of any undistributed assets; or

      (b) if the undistributed assets are not sufficient to satisfy such a claim,  against a shareholder to the extent of his ratable part of such claim, out of  the assets of the corporation distributed to him in liquidation or dissolution.

    (3) On or before the date of the first publication of the notice as provided  in subsection (1) of this section, the receiver shall mail a copy of the notice  to each known creditor of the corporation.  The giving of such notice shall not  constitute recognition that any person to whom such notice is directed is a  creditor of the corporation other than for the purpose of receipt of notice  hereunder.

    (4) Proof of the publication and mailing required by this section shall be made by an affidavit filed in the office of the Clerk of the Superior Court.

     L.1968, c.350; amended by L.1973, c. 366, s. 74, eff. May 1, 1974.