State Codes and Statutes

Statutes > New-jersey > Title-2a > Section-2a-19 > 2a-19-3

2A:19-3.  Transfer of property within 4 months of assignment to give preference void;  recovery of property
    If any person being insolvent or in contemplation of insolvency shall, within 4 months before the making of a general assignment, and with the intention of preferring any creditor or person under liability for him, mortgage, pledge, assign, pay or transfer any of his property, or procure or suffer any of his property to be taken, attached or levied upon, or any lien or  encumbrance to be acquired thereon by legal process or otherwise, such preferential transaction shall be void as against the assignee. The assignee may recover the property given by way of preference, or the value thereof, from  the person so receiving the same or so benefited thereby.
 
L.1951 (1st SS), c.344.