N.J. Stat. tit. 42, ch. 4

in effect

N.J. Stat. § 42:4-1 Purpose and construction of article

This article is remedial, provides additional remedies, and shall be liberally construed to effect its purpose, which is to permit the Superior Court speedily to dispose of actions involving dissolution of partnerships and the distribution of assets, and to prevent the acquisition of liens and preferences after the commencement of an action looking toward the distribution of the assets of a partnership amongst creditors. It shall not be so construed as to deprive the Superior Court of any of its existing jurisdiction. Amended by L.1953, c. 40, p. 765, s. 20, eff. March 19, 1953.

N.J. Stat. § 42:4-2 Distribution of assets, action for

When an action is brought in the Superior Court for the dissolution of a partnership, with a view to a distribution of assets amongst creditors and others entitled thereto, the court may proceed in the action in a summary manner or otherwise. Amended by L.1953, c. 40, p. 765, s. 21, eff. March 19, 1953.

N.J. Stat. § 42:4-7 Temporary receiver or other custodian of property

On application at the time of the commencement of the action or at any subsequent time before or after a judgment of dissolution or other judgment, the court may appoint a temporary receiver or may charge the persons in actual control of the partnership assets as trustees under appointment by and accountable to the court, and, from the time of the making of such order, the property of the partnership shall, until an order of the court made to the contrary, be considered as in custodia legis, with a view to ultimate distribution amongst creditors and others entitled to participate therein. Amended by L.1953, c. 40, p. 766, s. 26, eff. March 19, 1953.

N.J. Stat. § 42:4-8 Order to file claims and bar creditors

The court may, either before or after a judgment of dissolution, make an order directing creditors to file their claims within such reasonable time as the court shall, by special order, prescribe and may make an order barring creditors. Amended by L.1953, c. 40, p. 766, s. 27, eff. March 19, 1953.

N.J. Stat. § 42:4-9 Procedure on dissolution and winding up

The proceedings upon the dissolution and winding up of a partnership shall be as near as may be similar to those provided for the winding up of corporations under Title 14, Corporations, General. Amended by L.1953, c. 40, p. 766, s. 28, eff. March 19, 1953.

N.J. Stat. § 42:4-13 Dissolution authorized; application; order of dissolution

If a member of a partnership is adjudicated incapacitated, the court may on application of another partner or other person as the court shall determine to be entitled to make the application, dissolve the partnership. The court may proceed in the action in a summary manner or otherwise. Amended by L.1953, c. 40, p. 767, s. 32, eff. March 19, 1953; 2013, c.103, s.113.

N.J. Stat. § 42:4-14 Powers and duties of guardian in general

When a partnership is dissolved as provided by R.S.42:4-13, or is otherwise dissolved, and a partner has been adjudicated incapacitated, the guardian of the partner who is incapacitated, in the name and on behalf of that partner, may concur with the other partners or other persons interested in disposing of the partnership property, as directed by the court. Amended by L.1953, c. 40, p. 767, s. 33, eff. March 19, 1953; 2013, c.103, s.114.

N.J. Stat. § 42:4-15 Conveyances by guardian.

42:4-15. The guardian mentioned in R.S.42:4-14 may make and execute all conveyances and do all things necessary to effectuate the provisions of this article and shall also dispose of all money or property received for, from, or on account of the share or interest in the partnership of the partner who is mentally incapacitated, as the court may direct. Amended by L.1953, c. 40, p. 767, s. 34, 2013, c.103, s.115.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026