54:11-9.Ā  Sale of intangible corporate assets;Ā  disposition of proceeds After transfer to him of corporate assets as provided in section 54:11-8 ofĀ  this title, the receiver or trustee shall, after such notice and in such mannerĀ  as required for the sale under fieri facias of personal property, sell the sameĀ  to the highest bidder, and, upon the payment of the purchase money, shallĀ  execute and deliver to the purchaser thereof an assignment and transfer of allĀ  the patents and interests of the corporation so sold.Ā  Such assignment orĀ  transfer shall vest in the purchaser a valid title to all the right, title andĀ  interest of the corporation therein.Ā  The proceeds of the sale shall be appliedĀ  to the payment of the unpaid taxes, together with the costs of the proceedings.
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