N.J. Stat. § 2A:48-6: Compromise by municipality or county with owner

A municipality by its governing body, or a county, by its board of chosen freeholders, may, when liable to an action under this article, agree in writing with the owner of the property destroyed or injured upon a sum to be paid to him, without action, which sum shall be paid as claims of a general nature against the municipality or county are paid.

L.1951 (1st SS), c.344.