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Tuesday, April 22, 2014

NEW JERSEY REALTY CONCEPTS, LLC, ET AL. VS. JOHN MAVROUDIS, ET AL. A-2013-12T1


NEW JERSEY REALTY CONCEPTS, LLC, ET AL. VS. JOHN
          MAVROUDIS, ET AL.
A-2013-12T1
The Chancery Division's appointment of a special fiscal agent as the managing agent for a corporation does not place the property of the corporation in custodia legis. Appointment of a receiver would have placed the property in custodia legis, but the appointment of a special fiscal agent occurs with fewer procedural safeguards, endows the agent with more circumscribed powers, and provides less protection. Accordingly, rents due to the corporation could be reached by execution of a creditor's Law Division judgment against the corporation, and could be levied upon by the Sheriff.
A corporation's interest in rents from a property it owns with another corporation as tenants in common may be levied upon by a creditor of the corporation.  03/19/14