5:12-130.4 - Assumption of outstanding debts
5:12-130.4. Assumption of outstanding debts
Assumption of Outstanding Debts. As an incident of its prior approval pursuant to section 32c. of this amendatory and supplementary act of the sale, assignment, conveyance or other disposition in bulk of all property of the former licensee relating to the casino and the approved hotel, the commission may, in its discretion, require that the purchaser thereof assume in a form and substance acceptable to the commission all of the outstanding debts of the former licensee that arose from or were based upon the operation of either or both the casino or the approved hotel.
L. 1978, c. 7, s. 34; amended 1987,c.410,s.17.