54:29A-48 - Payment by person interested
54:29A-48.Ā Payment by person interested
If a taxpayer shall be in default in the payment of taxes under this act, aĀ person having an interest in a mortgage or other lien on the taxpayer's franchises or property, may pay the State Treasurer the amount of such State tax and the interest due thereon, and receive from the treasurer a certificate of such payment.Ā He shall thereupon be entitled to be repaid the amount of theĀ tax and interest thereon at the rate of twelve per centum (12%) per annum outĀ of the first proceeds of any sale of the franchises or property of the company,Ā and the tax and interest thereon shall continue a lien on the franchise andĀ property of the company, for the benefit of the holder of or person interestedĀ in the mortgage or lien until paid by the company from the sale of itsĀ franchises or property.Ā If proceedings have been taken by the Attorney-GeneralĀ to enforce the payment of the tax and interest thereon, the holder of or personĀ interested in a mortgage or lien paying the tax and interest shall pay eachĀ additional amount as the Superior Court shall certify to be proper andĀ reasonable for the expenses and services of the proceedings as far as they haveĀ progressed for the collection of the tax and interest thereon.
L.1941, c. 291, p. 789, s. 48.Ā Amended by L.1953, c. 51, p. 920, s. 129.
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If a taxpayer shall be in default in the payment of taxes under this act, aĀ person having an interest in a mortgage or other lien on the taxpayer's franchises or property, may pay the State Treasurer the amount of such State tax and the interest due thereon, and receive from the treasurer a certificate of such payment.Ā He shall thereupon be entitled to be repaid the amount of theĀ tax and interest thereon at the rate of twelve per centum (12%) per annum outĀ of the first proceeds of any sale of the franchises or property of the company,Ā and the tax and interest thereon shall continue a lien on the franchise andĀ property of the company, for the benefit of the holder of or person interestedĀ in the mortgage or lien until paid by the company from the sale of itsĀ franchises or property.Ā If proceedings have been taken by the Attorney-GeneralĀ to enforce the payment of the tax and interest thereon, the holder of or personĀ interested in a mortgage or lien paying the tax and interest shall pay eachĀ additional amount as the Superior Court shall certify to be proper andĀ reasonable for the expenses and services of the proceedings as far as they haveĀ progressed for the collection of the tax and interest thereon.
L.1941, c. 291, p. 789, s. 48.Ā Amended by L.1953, c. 51, p. 920, s. 129.
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