New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 20 - RULES OF THE LOTTERY COMMISSION
Subchapter 7 - PAYMENT OF PRIZES
Section 17:20-7.10 - Pledges or security interests made or granted pursuant to judicial order

Universal Citation: NJ Admin Code 17:20-7.10

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Upon receipt of a certified copy of a court order authorizing a pledge or the grant of a security interest pursuant to 5:9-13(k), the Lottery shall note the existence of the pledge or security interest on its records and shall take no further action until notified:

1. That the pledge has been satisfied or the security interest discharged; or

2. That the creditor wishes to enforce the pledge or foreclose on the security interest.

(b) Upon receipt of notice by the holder of a pledge or security interest authorized by judicial order that payments are to be made to the pledge holder or creditor, the lottery shall send to both parties written confirmation of receipt of the notice and of its intention to rely thereon in making future payments until the pledge or security interest is satisfied or the prize is paid in full, whichever event occurs first. For purposes of 5:9-13(m) and 5:9-13(n), notice pursuant to this subsection shall be treated like a court order issued pursuant to 5:9-13(d), effective as of the date of the order authorizing the pledge or grant of security interest.

(c) The Lottery shall not impose a fee for noting the receipt of a court order pursuant to (a) above but shall impose the fees provided by 17:20-7.9(g) prior to implementing a notice filed pursuant to (b) above.

(d) All applicable provisions of 17:20-7.9 shall apply to applications for issuance of a judicial order approving a pledge or the grant of a security interest in a prize.

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