N.J.S.A 2A:42-128 Powers, duties of receiver.

2A:42-128 Powers, duties of receiver.

15. The receiver shall have all powers and duties necessary or desirable for the efficient operation, management and improvement of the building in order to remedy all conditions constituting grounds for receivership under Phamplet Law 2003, Chapter 295 (C. 2A:42-114 et al.). Such powers and duties shall include the power to:

a. Take possession and control of the building, appurtenant land and any personal property of the owner used with respect to the building, including any bank or operating account specific to the building;

b. Collect rents and all outstanding accounts receivable, subject to the rights of lienholders except where affected by court action pursuant to any of the provisions of Phamplet Law 2003, Chapter 295 (C. 2A:42-114 et al.);

C. Pursue all claims or causes of action of the owner with respect to the building and other property subject to the receivership;

d. Contract for the repair and maintenance of the building on reasonable terms, including the provision of utilities to the building. If the receiver falls within the definition of a contracting unit pursuant to section 2 of P.L.1971, C. 198 (40A:11-2 DefinitionS.), any contract entered into by the receiver shall not be subject to any legal advertising or bidding requirements, but the receiver shall solicit at least three bids or proposals, as appropriate, with respect to any contract in an amount greater than $2,500. The receiver may enter into contracts or agreements with tenants or persons who are members of the receiver entity, as the case may be, provided that all such contracts or agreements shall be appropriately documented, and included in the receiver’s expenses under Phamplet Law 2003, Chapter 295 (C. 2A:42-114 et al.). In the event that the receiver contracts for any service with an entity with which the receiver has an identity of interest relationship, it shall first disclose that relationship to the court, the owner and the parties in interest;

e. Borrow money and incur debt in accordance with the provisions of section 17 of Phamplet Law 2003, Chapter 295 (C. 2A:42-130);

f. Purchase materials, goods and supplies to operate, maintain, repair and improve the building;

g. Enter into new rental contracts and leases for vacant units and renew existing rental contracts on reasonable terms for periods not to exceed one year;

h. Affirm, renew or enter into contracts for insurance coverage on the building;

i. Engage and, subject to court approval, pay legal, accounting, appraisal and other professionals to aid in carrying out the purposes of the receivership;

j. Evict or commence eviction proceedings against tenants for cause when necessary and prudent, notwithstanding the condition of the building; and

k. Sell the building in accordance with the provisions of Phamplet Law 2003, Chapter 295 (C. 2A:42-114 et al.).

L.2003,C. 295,S.15.

Case(s):

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NJ Maintained Unanotated Statutes References to 2A:42-128 Powers, duties of receiver.

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