N.J. Admin. Code § 18:23-8.7

Current through Register Vol. 56, No. 17, September 3, 2024

Section 18:23-8.7 - Payment by person interested

(a) If a taxpayer is in default in the payment of any railroad property or franchise taxes, any person having an interest in a mortgage or other lien on the taxpayer's franchise or property may pay to the State Treasurer the amount of those taxes with interest thereon and receive from the Treasurer a certificate of such payment.

(b) The tax and interest shall continue to be a lien on the franchise and property of the taxpayer for the benefit of such party in interest until paid by the taxpayer from the sale of the taxpayer's franchise and property. Upon the sale of the franchise or property, such party in interest shall be entitled to reimbursement for the amount of taxes paid, plus interest at the rate of 12 percent per annum.

(c) Where an action has been commenced by the Attorney General to enforce payment of the taxes, any party in interest desiring to pay the tax and interest must also pay an additional amount as provided by the Superior Court for the reasonable expenses and services incurred in the proceeding.

N.J. Admin. Code § 18:23-8.7

Amended by 49 N.J.R. 456(b), effective 3/6/2017