32:20-43 - Deposit of estimated compensation;Ā special trust fund
32:20-43.Ā Deposit of estimated compensation;Ā special trust fund
Upon the filing of the said declaration, the department shall deposit with the Clerk of the Superior Court the amount of the estimated compensation statedĀ in said declaration.Ā In addition to the said deposits with the Clerk of theĀ Superior Court the department at all times shall maintain a special trust fundĀ on deposit with a bank or trust company doing business in this State in anĀ amount at least equal to the aggregate amount deposited with the Clerk of theĀ Superior Court as estimated compensation for all property described inĀ declarations of taking with respect to which the compensation has not beenĀ finally determined and paid to the persons entitled thereto or into court. Said trust fund shall consist of cash or securities readily convertible intoĀ cash constituting legal investments for trust funds under the laws of thisĀ State.Ā Said trust fund shall be held solely to secure and may be applied toĀ the payment of just compensation for the land or other property described inĀ such declaration of taking.Ā The department shall be entitled to withdraw fromĀ said trust fund from time to time so much as may then be in excess of theĀ aggregate of the amount deposited with the Clerk of the Superior Court asĀ estimated compensation for all property described in declarations of takingĀ with respect to which the compensation has not been finally determined and paidĀ to the persons entitled thereto or into court.
L.1953, First Sp.Sess., c. 443, p. 2428, s. 10.
Ā
Upon the filing of the said declaration, the department shall deposit with the Clerk of the Superior Court the amount of the estimated compensation statedĀ in said declaration.Ā In addition to the said deposits with the Clerk of theĀ Superior Court the department at all times shall maintain a special trust fundĀ on deposit with a bank or trust company doing business in this State in anĀ amount at least equal to the aggregate amount deposited with the Clerk of theĀ Superior Court as estimated compensation for all property described inĀ declarations of taking with respect to which the compensation has not beenĀ finally determined and paid to the persons entitled thereto or into court. Said trust fund shall consist of cash or securities readily convertible intoĀ cash constituting legal investments for trust funds under the laws of thisĀ State.Ā Said trust fund shall be held solely to secure and may be applied toĀ the payment of just compensation for the land or other property described inĀ such declaration of taking.Ā The department shall be entitled to withdraw fromĀ said trust fund from time to time so much as may then be in excess of theĀ aggregate of the amount deposited with the Clerk of the Superior Court asĀ estimated compensation for all property described in declarations of takingĀ with respect to which the compensation has not been finally determined and paidĀ to the persons entitled thereto or into court.
L.1953, First Sp.Sess., c. 443, p. 2428, s. 10.
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