54:11-8 - Transfer of intangible corporate assets to receiver for sale

54:11-8.  Transfer of intangible corporate assets to receiver for sale
    If no property which may be seized and sold on execution shall be found within this State sufficient to pay the judgment, the court shall further order  and adjudge that the corporation shall, within ten days after the service of  notice of such judgment upon an officer of the corporation upon whom service of  process may be lawfully made, or such notice as the court shall direct, assign  and transfer to the trustee or receiver appointed by the court, any chose in  action, or any patent or patents, or any assignment of, or license under any  patented invention or inventions owned by, leased or licensed to or controlled  in whole or in part by such corporation, to be sold by the receiver or trustee  for the satisfaction of the judgment.  No injunctive relief theretofore given  nor any forfeiture of the charter of the corporation shall be held to exempt it  from compliance with the order and judgment of the court.

    If the corporation shall fail, within ten days after the service of notice of the judgment, to assign and transfer the same to such receiver or trustee for sale as aforesaid, the court shall appoint a trustee to make the assignment  thereof, in the name and on behalf of the corporation, to the receiver or  trustee appointed to make the sale.

     Amended by L.1953, c. 51, p. 917, s. 121.