{"data":{"id":"us-nj/n.j.-stat.-17-9a-271","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:9A-271","heading":"Effect of possession by commissioner on liens;  possession as a stay","body":"A.\tAll levies, judgments, attachments and other liens, upon property obtained through legal proceedings against a bank when it is insolvent and within four months prior to the commissioner's taking possession of its property and business, and any title resulting from enforcement of any such lien, shall be void, except title obtained by a bona fide purchaser for value.\nB.\tWhile the commissioner is in possession of the property and business of  a bank, no person shall acquire a lien or charge on any assets of the bank for  any liability of the bank existing at the time of the taking of possession.\nC.\tSo long as the commissioner retains possession of the property and business of a bank, and unless otherwise ordered by the Superior Court, upon notice to the commissioner,\n(1) no person shall institute a proceeding in any court against the bank, except as authorized by this article, and the running of any statute of limitations shall be suspended so long as the disability imposed by this paragraph remains in effect;\n(2) all proceedings pending in any court when the commissioner takes possession shall be stayed;  and\n(3) no judgment, levy, execution or distraint shall be enforced against the  property of the bank.\nD.\tThe Superior Court shall have jurisdiction to make such orders as may be  necessary to effect the purposes of this section.\nL.1948, c.67,s.271; amended 1953, c.17,s.44.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"6e9b736a5f6214fd1d8be297d68ced818ee7c1324f7751c39461ff83ab4a6a27","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-9a-269","next":"us-nj/n.j.-stat.-17-9a-272"},"notice":"GroundRules: Original legal text. Not legal advice."}